Jun 17, 2022 05:30AM ET
By: AnalysisWatch
Last week, bitcoin managed to stay at $30,000 until last week, when it fell to $22,000.
Currently, the value of BTC is $20,909.98 after a 4.37% drop in price over the past 24 hours.
If the protection at the $20,000 level proves to be weakening, the next support level for BTC could be $16,000 or $18,000.
Since the beginning of this week, the market capitalization of the global cryptocurrency market has dropped by almost $100 billion.
The markets are also currently in the "extreme fear" zone, which has caused most cryptocurrency prices to go back into the red, including Bitcoin.
Last week, Bitcoin managed to hold at $30,000 until last week, when it dropped to $22,000. BTC is currently worth $20,909.98 after a 4.37% price drop in the last 24 hours, according to CoinMarketCap.
That puts Bitcoin well below its 200-week moving average of $21,700, which has only happened five times in BTC's life.
The most recent such occurrence was when BTC crossed the 200-week moving average at around $5,450 in March 2020.
In an interview with CNBC, investor Jeffrey Gundlach expressed his not-so-encouraging thoughts on BTC.
He said he would not be at all surprised if BTC fell below $20,000 in the near future. Currently, BTC is also showing no signs of recovery after falling below the $20,300 level.
Investors are also making sure to keep an eye on the weekly close, as it is very rare for BTC to close below the 200-week average within a week.
Other investors believe that if the protection at the $20,000 level has dried up, the next support level for BTC could be $16,000 or $18,000.
Over the past week, BTC has seen a 30.58% drop in price, and the cryptocurrency's market cap currently stands at $398,267,090,910.
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