Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking Crypto Market

Christian Encila

3 years ago

2 mins read

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Bitcoin reached a new 18-month low of $17.5K on Sunday before quickly recovering above $20K in the hours that followed, providing some breather to the heavily stressed out bear market.

According to data from CoinMarketCap, Bitcoin has rebounded by little over 15 percent in the last 24 hours, rising from its new disappointing low to $20,482 at the time of writing.

Bitcoin is currently pushing the 2017 all-time high range of $17K to $20K and is constantly stalking lower prices, signaling excessive seller pressure.

Bitcoin had declined to $17,677.42 on Saturday before recovering to $18,290.74. After Tesla CEO Elon Musk tweeted that he was now purchasing the joke coin Dogecoin, the most sought-after crypto asset extended its recovery.

After saying on Twitter that he will “continue to support Dogecoin,” the price of the popular cryptocurrency increased by 8% to $0.058 on Monday.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

In response to Musk’s tweet, a user suggested that if he truly believed in the “joke” coin, he should buy it. To which the billionaire replied, “I am,” implying that he is purchasing the drop.

By falling below $20,000, BTC has triggered market trends that analysts say might spark a wave of forced selloffs. Large investors in both cryptocurrencies would be compelled to close positions on BTC and ETH derivatives in such a scenario.

Bitcoin and Ether constitute a little more than half of the market capitalization of cryptocurrencies, which fluctuates often. In the preceding hour, the entire cryptocurrency market grew by 3.7% to $972 billion.

BTC total market cap at $381 billion on the daily chart | Source: TradingView.com

Bitcoin has lost 30% of its value while Ether has dropped 31% during the previous week. Bitcoin is down 72 percent from its all-time high of $69,044.77 established on November 10, while Ether is down 78 percent from its all-time high of $4.878.26 set on the same day.

International fixed income chief Andrew Brenner of National Alliance Securities said Monday that retail investors acquiring bitcoin over the weekend, when few professional traders are active, was likely what caused Bitcoin to regain some spark.

Bitcoin has momentarily paused a selloff that, according to some market analysts, could push the world’s top cryptocurrency as low as $13,800 in the current bear market by inching up to levels above $20,000.

Featured image from Namibia Economist, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.