Bitcoin Price Drops Below $20,000

It’s time. What many investors feared over the past few days has now become reality. The bitcoin (BTC) course is this morning through the important zone of support dropped to $20,000. At the time of writing, the price of bitcoin is only $18,700, which represents a drop of more than 8% from yesterday.

Bitcoin loses support

It is the first time since December of 2020 that the bitcoin price has been so low. At the same time, that also means that bitcoin is now lower than the all time high in 2017. It is the first time in the history of the crypto industry that bitcoin loses a previous all-time high as a support. These are uncertain times, that much is certain.

The big question for bitcoin investors at the moment is of course when a bottom will finally be made. Often the $20,000 was seen as a crucial point where the course really shouldn’t have come down. In the meantime, this point seems lost and we are looking further down for a possible bottom. It is possible that this will be all the way between $14,000 and $15,000.

It is of course still possible that the price will recover to above $20,000. That would be quite positive, but it has to happen quickly. Given the extreme panic in the market and the apparent lack of willingness to buy, this scenario is anything but certain at the moment.

Ethereum below $1,000

The price of ethereum (ETH) didn’t perform much better. The price of the second-largest cryptocurrency even dropped below $1,000! Not only was this point an important zone of support, it had also become an extremely important psychological frontier. This morning a price of just $975 was tapped.

Losing the $1,000 just a few weeks ago was unthinkable for most ETH investors. Nevertheless, this scenario has now become a reality.

Panic in the market

It’s the umpteenth bright red day in just a few weeks. Since the beginning of this month, the price of bitcoin has plunged by 40%. Ethereum makes it even more colorful. The price of ETH practically halved in June.