Bitcoin Dips Below $19K, Hitting Lowest Point in Two Months

BTC price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.Read MoreCoinDesk

Bitcoin (BTC) tumbled by the most in two weeks, falling below $19,000.

The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.

The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.

The bitcoin price fell as low as $18,680, its lowest point since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.

“Each failed attempt (to breach the resistance zone just above $20,000) increased the likelihood of a test of the bottom of the price range” near $18,000, Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told CoinDesk via a text message.

The S&P 500 slipped 0.41% Tuesday as traders worried the Federal Reserve could stay aggressive in its campaign to tamp down inflation in the U.S.

Bitcoin often trades down when there’s heightened speculation of more hawkish monetary policy.

“From a technical perspective, the price remains in line with our projections, and we would be looking to accumulate between here and $15,000,” DiPasquale said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Leave a Reply

Your email address will not be published. Required fields are marked *