Bitcoin Resumes Deep Dive, Falls Below Critical Support Levels in Extended Bear Run

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Bitcoin Resumes Deep Dive, Falls Below Critical Support Levels in Extended Bear Run

The cryptocurrency industry can’t catch a break in what now appears to be a multiple-week downtrend. The Bitcoin BTC price has been struggling to gain bullish momentum against the USD but it keeps failing to hold the line above the $20,000 level. Each time the bulls surge to $20,100, they face key resistance that pushes the BTC price down. How long will this downtrend last and will it lead to BTC bottoming out?

Bitcoin Continues to Fail With Lower Lows in the Horizon

Two months ago, the price prediction for Bitcoin was relatively bullish. However, the cryptocurrency’s performance over the last few weeks is weakening investors’ confidence in the entire cryptocurrency market. At its all-time high in November 2021, the price of Bitcoin rose to $69,000. This dramatic increase brought in more individual investors as everyone wanted a piece of the action.

The rise to $69,000 was followed by a price correction which is normal after any bull run. While investors predicted that the price correction would not take Bitcoin’s price below the $30,000 level, the world’s largest cryptocurrency has continued to fall. The fall from $69k to its current $18k to $20k range indicates a drop of over 60% from BTC’s all-time high.

If the cryptocurrency continues to fall without any major surge against the USD, there is a strong possibility that it will hit a bottom at $10,000 for the first time since 2021.

XRP Continues to Outperform Bitcoin

While BTC, Ethereum (ETH), and other cryptocurrencies are trading in the same bearish pattern. XRP is doing surprisingly well and it is currently the top gainer among the top ten cryptocurrencies on Coinmarketcapital. XRP is trading at $0.4039. It is up by 6.88% against the USD in a $0.3768 to $0.4215 trading range. The surge in the price of XRP may be due to the overwhelming evidence that Ripple Labs may win its case against the United States Security Exchange Commission.

The entire cryptocurrency industry needs to recover fast to prevent a catastrophic downtrend.

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.