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Bitcoin price collapses again at $20,000… Bitcoin bottoms at $17,000?

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Bitcoin collapses again at $20,000
Bitcoin collapses again at $20,000 (Pixabay)

The cryptocurrency giant, Bitcoin (BTC), eventually collapsed below the $20,000 level as the Nasdaq plunged more than 2% last night.

As of 8:33 am on the 12th, according to CoinMarketCap, the price of Bitcoin is recording $19,975. This is a decrease of 4.18% from 24 hours ago. Bitcoin fell to $19,924.54 at one point during the day.

According to CoinDesk, a cryptocurrency media outlet on the same day, Joe DiPasquale, CEO of crypto fund management firm BitBull Capital, said in an email, “We expect price fluctuations to continue.” “If Bitcoin falls again, it could drop to a potential bottom around the $17,000 level, but that price will be a strong signal for buyers.

Also, in a weekly report on the 11th, AMM Management, a cryptocurrency analysis company, diagnosed that “Bitcoin needs to be supported above the $20,000 level to expect a short-term upward attempt.”

An analyst at AM Management said, “Bitcoin is currently under pressure after forming a short-term high, and if it maintains the support range of $20,555 to $20,100, an upward attempt may be made. A break below $18,600 could lead to further declines.”

New York stocks fell last night on vigilance ahead of corporate earnings reports this week.

At the New York Stock Exchange (NYSE) on the 11th (Eastern Time), the Dow Jones Industrial Average closed at 31,173.84, down 164.31 points (0.52%) from the previous day.

The Standard & Poor’s (S&P) 500 index fell 44.95 points (1.15%) to 3,854.43, and the Nasdaq index, centered on technology stocks, closed at 11,372.60, down 262.71 points (2.26%) from the battlefield.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.