Bitcoin tumbled below $20,000 as losses extended Saturday, with the widespread bleeding also sending other major coins to multi-year lows.
BTC price falls below previous cycle high
Bitcoin’s plunge on Saturday pushed BTC price past the 2017 all-time high, the first time the benchmark cryptocurrency had broken below a four-year cycle high.
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The 2017 bull market had Bitcoin peaking just under the $20k mark – a level that today’s dip broke past as price fell to lows of $18,718 on crypto exchange Coinbase.
Bitcoin below the previous cycle ATH had a number of long term holders who bought at that peak down on their investment.
What next for the BTC price?
While BTC/USD is back above $19,000 (currently around $19,467), it remains below the critical level. The Bitcoin Fear& Greed index has dipped to 6, indicating the market is in extreme fear and likely to see further losses.
Source: https://invezz.com/news/2022/06/18/bitcoin-crashes-below-20000-amid-crypto-bloodbath/