Bitcoin (BTC) Faces Significant Resistance After Losing the Support at $20,000, Altcoins Follow

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Bitcoin (BTC) Faces Significant Resistance After Losing the Support at $20,000, Altcoins Follow

There has been a free fall in the cryptocurrency market over the last few days, with Bitcoin (BTC) falling below the $20,000 level. Yesterday, the BTC price fell as low as $19,625.22 in the afternoon, leaving investors wondering if this would be the bear run that would lead Bitcoin to $12,000 levels. As usual, Bitcoin isn’t falling alone, altcoins are also struggling to hold key support levels.

Bitcoin (BTC) Price Analysis Today

At the time of writing, the price of Bitcoin BTC was $19,869.95. It was down 1.50% against the USD. The cryptocurrency was trading in the $19,625.22 to $20,175.17 range and is at a high risk of falling as low as $18,000. If the price of Bitcoin reaches $18,000, panic selling may kick off and drag the cryptocurrency to the $12,000 level.

Recall that the CEO of ADVFN predicted that Bitcoin is at risk of falling to the $10,000 level where it will find a bottom and start rising again. Another Bitcoin (BTC) price prediction from TradingView puts Bitcoin at the other end, predicting a rise to $25,000 if it is able to recover from the current bear rally.

Apart from the price of Bitcoin, the altcoin market is also bearish against the USD. Ethereum (ETH) has taken a 7.95% dive against the USD in the last 24 hours. At the time of writing, the price of the ETH token was $1,461.33. It took a dive below the support at $1,500 and has remained in the $1,451.56 to $1,588.81 trading range.

The BNB token is trading at $274.58. It is down by 0.54% against the USD. Likewise, many other tokens on the list on Coinmarketcapital are trading in red, just like the Bitcoin BTC cryptocurrency. Hopefully, the market will take a turn for the better before the weekend runs out. If prices do not recover, the bear run may likely spill into next week with lower lows on the horizon.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.