Bitcoin

Will Bitcoin Price Hit $18K In Coming Hours? Here Are Levels To Watch

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Jun 17, 2022

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Since the beginning of the week, the global cryptocurrency market cap has dropped by nearly $100 billion. The global crypto market valuation now stands at  $893 billion at the time of writing, down 7% from the previous day. As market sentiments stay in the “extreme fear” zone, the values of key cryptos, such as Bitcoin and Ethereum, are once again in the red.

Bitcoin maintained a price of $30,000 until last week when it dropped to under $22,000 this week. The crucial $30,000 price range was breached, prompting speculation about the next support level.

As per coincodex data, BTC is currently trading at $20,408, down almost 8% in the previous 24 hours. This price is also below Bitcoin’s 200-week moving average of about $21,700, which has only happened five times before.

Only two other times in the last three years has Bitcoin crossed the 200-week average, according to trading records. When Bitcoin was trading just above $3,000 in December 2018, it hit the average milestone. BTC most recently intercepted the 200-weekly average at roughly $5,450 in March 2020.

What Next For Bitcoin Price?

Investor Jeffrey Gundlach told CNBC on Thursday that the current trend in Bitcoin trading is not encouraging. He claimed he wouldn’t be surprised if BTC fell below $20,000 in the future. Bitcoin sank last night as the Federal Reserve issued the largest rate hike in nearly three decades. BTC shows no signs of recovery after dipping below the $20,300 mark.

Meanwhile, with the current situation of the historic average, crypto traders are keeping a close eye on the weekly close. CryptoBirb, a cryptocurrency analyst, also commented on the incident on Twitter. “Bitcoin rarely closes below the 200-week mean in a single week.”

Capo, another dealer, stated that the demand to defend the $20,000 level was dwindling. He indicated that if the support level breaks, the next level of support might be found between $16,000 and $18,000.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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