Over the past three days, Bitcoin price has plummeted from a high of $22,020 on June 26th to recently a low of $19,890. Bitcoin tried its best to recover, but failed to do so after struggling to remain above the $20,000 line yesterday. The recent drop has affected major altcoins too.
After 3 days of struggling to remain above $20,000, Bitcoin finally dropped below it earlier today causing major altcoins like ETH, SOL, DOGE, and SHIB to step on the verge of collapse. Although Bitcoin tried hard to retrieve some of the recently lost value last week by rebounding from the 18-month low of $17,500 to around $21,000, it failed to continue upwards and retraced to just under $21,000.
Crypto traders have lost hope in the retrievement of Bitcoin following the recent news. Bitcoin price needs to gain back $20,200 to have a chance of disproving the pessimistic outlook. By now, traders continue to buy and sell Bitcoin around the red line while its market cap has plunged further below $400 billion.
With Bitcoin and major altcoins having gone into a free fall after seeing wild swings this week the overall market cap of all crypto assets has dropped to $900 billion. Many crypto investors are predicting the Bitcoin price to fall to as low as $10,000 before a market bottom.
Bitcoin miners who guarantee the network's security in exchange for freshly minted coins have been forced to unload their bitcoin to keep the lights on, putting downward pressure on the bitcoin price during the recent fall. Some in the bitcoin and crypto space are sure that the bitcoin price has reached a market bottom and are predicting the bitcoin price will rebound in the coming months.