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Bitcoin price crashes below $20,000, cryptocurrency market in red

Bitcoin, the world’s most popular cryptocurrency, hovered at 19,145.05.

Bitcoin price cryptocurrency

Bitcoin and other cryptocurrencies were in red.

Highlights

  • Bitcoin rose 0.38 percent.
  • Etherium was down 0.51 percent at $ 1,054.50
  • Bitcoin is trading below the 200-week moving average

Bitcoin prices were below the-20,000-mark on Monday as other cryptocurrencies performed significantly lower. Overall, the cryptocurrency market was stagnant.

High inflation, fears of a recession and geopolitical instability have forced investors to stay away from taking any risks.

Bitcoin prices today

Bitcoin rose 0.38 percent. However, despite the gains, the world’s most popular cryptocurrency hovered at 19,145.05.

Ethereum, the world’s second-largest cryptocurrency by market capitalization, fell 0.51 percent to 1,054.50.

“As the cryptocurrency market gathers over the past few days, support and resistance levels for Bitcoin and Ether will be important levels to monitor. Technical analysis reveals that Bitcoin could go below the, 15,600 mark if support levels fail.” Edul Patel, co-founder and CEO, Mudrex.

“Bitcoin is trading below the 200-week moving average. For example where Bitcoin traded below the 200-week moving average, it marked the end of the beer phase and Bitcoin has traditionally recovered from that point. It will be interesting to see how the price action in the next few days It will be effective, ”Patel said.

Among other cryptocurrencies, Solana fell 0.67 percent, Cardano 0.45 percent, Stellar 0.62 percent, Dozcoin 0.48 percent, Polcadot 0.42 percent and Shiva Inu 0.09 percent.

Also read | The rupee lost 5 paise to 78.99 against the US dollar


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