Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

Christian Encila

Last Updated: June 11, 2024 10:33 am

2 mins read

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The price of Bitcoin (BTC) is currently trading below the $20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko.

As the whole cryptocurrency market continues to be pummeled, the price of BTC has fallen below its 2017 all-time high of $20,000, and the market as a whole continues to suffer severe losses. At the time, reaching $19,500 was referred to as a “surge” associated with potential U.S. regulation of stablecoins.

The BTC/USD pair fell below $20,000 for the first time since December 2020, reaching $19,065 at press time, according to TradingView data.
Since November, the biggest cryptocurrency has lost more than 70 percent of its value.

Bitcoin Drop Takes Toll On Market Sentiment

Bitcoin could make history this week by closing below the 200-week moving average, a rare occurrence. This phenomenon has only been observed five times in the past. Recent calculations indicate that Bitcoin’s 200-week moving average is approximately $21,700.

All cryptocurrencies are currently in the red as a result of a market-wide downturn. At the time of writing, Bitcoin’s market value has fallen further below the $1 trillion threshold, at $885 million.

As the price of bitcoin continues to decline, several market observers have expressed fear that sentiment could continue to spiral downward as well.

BTC total market cap at $368 billion on the weekend chart | Source: TradingView.com

As jitters increased following the Federal Reserve’s pronouncement on the inflation outlook, crypto markets suffered the brunt of a major selling that began with last week’s shocking Consumer Price Index (CPI) data.

Next Bottom At $15,500?

Traders now anticipate that the next Bitcoin low might occur at $15,500. The next BTC bottom might be around $19,000 or $15,500, according to Rekt Capital, a cryptocurrency trader, based on the coin’s historical statistics on weekly moving averages.

The failure of two major cryptocurrency projects, Terra Luna and Celsius, has contributed to Bitcoin’s collapse. Both were intended to be significant ways of promoting the stability of digital money, but they have eroded trust in the technology.

Meanwhile, the chief executive officer of Digital Currency Group, Barry Silbert, the CEO of Global Macro Investor, Raoul Pal, investor Scott Melker, and others indicated that they are buying the (Bitcoin) dip.

By declaring in a recent tweet that he is purchasing Bitcoin, Silbert has somehow eased the paranoia of cryptocurrency bulls.

The crypto tycoon has echoed the sentiments of MicroStrategy’s CEO Michael Saylor, who recently increased his optimism despite dealing with heavy losses.

Featured image from Forbes, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

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