Bitcoin price drops to 2020 levels, analysts pedict further declines
The leading cryptocurrency fell by nearly 20% in just 7 days!
Bitcoin's price has dropped to levels seen most recently in the 2020 stage. In the last 24 hours, the BTC rate has plunged to around $ 15.6 thousand per coin according to averaged data. Currently, this cryptocurrency is moving from hand to hand at $ 16.6 thousand, and one of the independent cryptocurrency market analysts expects further declines, which would stop at $ 12 thousand. Analyzing a number of indicators, CanteringClark concluded that Bitcoin's price will find a short-term rebound when the oldest cryptocurrency is valued at $ 15,000 per coin.
The price of Bitcoin is shockingly low
The largest cryptocurrency by market capitalization deepened its declines after the cryptocurrency exchange Binance abandoned its non-binding intentions to acquire the FTX platform. The BTC exchange rate plunged sharply, hitting this year's low of just $ 15.6 thousand according to the average data taken from CoinMarketCap.
At the time of writing this article, the price of Bitcoin is less than $ 17,000. Yesterday's session on this virtual currency opened around $ 18.5 thousand, and the close was at $ 15.8 thousand, which resulted in a loss of 14.36%.
Currently, BTC trades close to USD 16.7 thousand, which means that it is more than 75% away from ATH recorded in November 2021. Bitcoin reached its peak at USD 68.7 thousand. According to the fear and greed index on the cryptocurrency market from alternative.me, the community around the oldest cryptocurrency shows extreme fear.
The decline in the BTC rate may stop at $ 12,000
According to an independent analyst known on Twitter as CanteringClark, the $ 15,000 level could be the line of a short-term rebound for Bitcoin's price. In his opinion, the BTC rate will probably deepen the decline even to around 12,000 dollars.
There is terror among some investors in the leading cryptocurrency. They are selling out of it with a considerable loss. Another digital currency market observer noted that if the price of Bitcoin continued to fall, it would be the first time in its history that the 52-week and 104-week moving average (EMA) would exceed the 156-week EMA.
This indicator is used to measure over a specific period of time. In his tweet, Caleb Frazen stated that "we've never seen junction 52 or 104 EMA below 156 EMA, but we're getting close to it."
