Bitcoin Slumps Below $20,000. Market Fear Springs

For the longest stretch of days since the cryptocurrency market was shaken by unrest in July, Bitcoin has dropped below US$20,000 for a sixth straight trading session. On Thursday, the value of the biggest cryptocurrency dropped as much as 3.1% to $19,577. Bitcoin In Free Fall The largest cryptocurrency by market capitalization has been in free fall for the previous ten days as concerns over Wednesday’s FOMC minutes drove its price below $20,000. Despite the recent decline, investors seem to be increasing their Bitcoin purchases, and certain key on-chain data indicate that the price may be getting ready to emerge from its most recent low. Market Analyst Jim Wyckoff foresaw the increase in volatility and cautioned in his morning Bitcoin brief that “quieter sideways trading continues, but probably not for much longer. History demonstrates that the financial markets can experience volatility in September. BTC/USD trades at $20k. Source: TradingView Wyckoff predicted that it might last for some time as long as bears continue to outnumber bullish traders. “In the immediate future, expect increased cryptocurrency volatility. To break the price decline that is still visible on the daily chart for bitcoin, albeit narrowly, bulls need to demonstrate greater strength, according to Wyckoff. Bitcoin average funding rates. Source: Santiment The cryptocurrency analytics company Santiment, which published the following char...