Bitcoin Drops Below $23,000 - King of Cryptos at Lows Since 2020

Bitcoin Drops Below $23,000 – King of Cryptos at Lows Since 2020

Nothing is going well for Bitcoin – Since the beginning of this year 2022, the price of bitcoin (BTC) has not stopped sag step by step. After the violent blow given to the crypto market by the case Terra (LUNA) and its USTThose are the difficulties of Celsius which worry the cryptosphere. As a result, bitcoin prices are plunging to a low not seen since late 2020.

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Black Monday: Bitcoin plunges and wipes out all of its 2021 gains

In a very feverish and fragile cryptocurrency market for the crash of the UST and the LUNA of the Terra projectthe bad news about stopping withdrawals on the platform of lending of Celsius Network has finished weighing on investor morale.

To crown this Black Mondaythe crypto exchange Binance scared us by announcing suspend bitcoin withdrawals at the worst time. Fortunately, this is advertised as temporarybecause of a congestion of the BTC network. Also, this shutdown only affects the BTC mainnet. Tokenized bitcoins on Ethereum or the BNB Chain are not not concerned.

The explosive cocktail to bring down Bitcoin was therefore complete. At the time of writing these lines the price of BTC has even risen sharply below $23,000. On the cryptocurrency exchange platform Coinbasethe price of the king of cryptos thus touched the $22,600shortly before 5 p.m. this Monday, June 13, 2022 (see chart below).

A lower that Bitcoin had not known for almost a year and a half, since it is necessary to go back in December 2020 to find such prices!

Bitcoin price against the US dollar (1h candles/Coinbase) – Source: tradingview.com

At the time of this writing, the prices on Bitcoin are not really recovering, hovering dangerously between $22,700 and $23,000. As we pointed out yesterday in this technical analysis of BTC pricesa moving average located at $22,000 could well be reached, before hoping to see a technical rebound.

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