Bitcoin in Freefall: BTC Nears $20,000 and Plunges to Its Former 2017 ATH

When will we hit rock bottom? – this Sunday, June 12, the course of Bitcoin (BTC) keeps dropping lower. The prices of the King of Cryptos had then started with To break the relative stability of their interval (price stagnation). The latter had formed between $28,000 and $32,000, following the disaster of Terra (LUNA) and its stablecoin UST. This June 15, 2022 is the symbolic bar of $20,000 who almost gave in.

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A BTC at $20,032: back to 2017 for Bitcoin?

Of the dark clouds have been steadily piling up above Bitcoin from the cryptosphere for the past few days (weeks, months?). And what we all hope to be the final storm seems to have authorized itself this Wednesday, June 15.

To summarize the last worries as of the date of the crypto market, let’s first mention blocking withdrawals on the platform of ready of Celsius this Monday, June 13. On the same day fears began about the USDD stablecoin peg loss of tron (TRX) against the US dollar. This parity has still not been found at this time.

And finally, this June 15 at 8 p.m., the big global anxiety of all financial markets combined. it’s about the US Federal Reserve (Fed) meetingand its decision on the (violent?) increase of these key rates to try to contain galloping inflation in the USA.

result of all this FUD (fear, uncertainty, doubt), the price of Bitcoin has broken the symbolic support of $20,000. With a price down to $20,032the king of cryptos is getting closer to his former upper of december 2017. At the time of his previous running of the bulls (bull market) BTC had arrived a little above the $19,800 before falling.

Bitcoin price against the US dollar (1h candles/FTX) – Source: tradingview.com

As the stock market saying goes “You can’t catch a falling knife”. But with a staggering drop close -71% since are higher at November 2021 $69,000, maybe (we say “maybe”) that the king of cryptos will finally stop falling. The amateur speculators of “Buy the dip” did they manage to buy the market low at $20,032? Anyway, for now, Bitcoin is back above $21,000.

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