Bitcoin Breakdown $20K Price Range, Will it Continue to Dive?

SPAC Deal of Crypto Exchange Bullish Called Off
  • Bitcoin (BTC) traded at $20,338.84 with an increase of 8% in 14 days.
  • Presently, BTC has a market cap of $395 billion.

As a result of the market crash, several industries like Terra, Three Arrows Capital, and Celsius Network, have collapsed. Also, the most prominent cryptocurrency Bitcoin (BTC) value has tumbled by over 70% since reaching an all-time high of $69,000 in November 2021. 

However, presently Bitcoin overcomes the significant $19,500 barrier against the US Dollar and has over 40% of market dominance. As it, the global cryptocurrency market value is gradually increasing and has recaptured the $1 trillion level. 

The Market Volatility Decreases

Before dropping to its lowest level of $17k in June of this year, Bitcoin experienced a price range of $69k in November 2021. Although, the recent bullish trend has resulted in a drop in crypto market volatility and an increase in BTC active address holdings. 

Further, at the time of writing, Bitcoin traded at $20,338.84 with an increase of 8% in 14 days, which is the largest weekly increase in the preceding three months as per Coingecko. And BTC has increased its value by around 1.5% over the past 24 hours and 2% over the preceding two weeks.

Bitcoin (BTC) price chart (Source: Coingecko)

In addition, Bitcoin has a market cap of $395 billion, which surged by approximately 1.3% in the last 24 hours and had a trading volume of $38 billion. But still, BTC is expressing bearish signs and continues to be at risk of moving in the direction of the $18,000 mark.

Still, when compared to the last bear market Bitcoin’s volatility is attempting to return to normal in a bounded range. Also, this pattern may speed up a significant spike in volatility, such as the one that occurred in November 2017. 

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.