Bitcoin fell below $20,000, continuing a decline that has seen it decline by roughly 60% from its year-high. The largest and most well-known cryptocurrency in the world, Bitcoin, was last down 1.5% at $19,946, down $298 from its previous closing. From the $48,234 high reached on March 28 of the year, it has decreased by 58.7%.
“Bitcoin fell below its threshold level after staying above US$20,000 for most of the weekend. Following a few weeks of a sustained upsurge, BTC faced rejection at the $25,000 level in the past week as it formed a bearish rising wedge. If BTC’s price closes below the $19,500 level today, we could see it going even lower,” stated Edul Patel, CEO, and Co-founder, of global crypto investment platform Mudrex.
Bitcoin last traded below $20,000 in the month of July. The market capitalization of all cryptocurrencies dipped below $1 trillion after declining more than 2% over the previous day to $994 billion.
