Bitcoin (BTC) Drops Below $18,000 – What Can Stave Off The Selloff?

Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies. Bitcoin’s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts are are not quite sure to call a bottom at this time. The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization. Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support? The next several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark. Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average. The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending. This year's Crypto Winter is different from last year's because cryptocurrencies and tech stocks are both in decline. Image: CNBC. During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maxi...