Bitcoin $BTC has fallen well below $19,783 a coin, the previous 2017-2018 cycle’s all-time high. 0x_bae reports
Bitcoin fell below the $18,500 price level for the first time Saturday, failing to rebound back to the $20,000 to $23,000 range it had been steadily trading at last week.
The price drop of bitcoin also marks the breach of a significant price level – namely, bitcoin’s all-time high from the previous crypto cycle. Some crypto traders have theorized that bitcoin would not fall below its previous cycle’s highs, a theory that held during the 2018 drawdown, but has now been disproven for the current cycle.
During the 2013-2014 cycle, bitcoin reached an all-time high of $1,127 at the time, a level that the cryptocurrency successfully defended during its 2018 drawdown.
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