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Bitcoin falls below critical price causing a sea of blood candles

The price of the world's most valuable cryptocurrency has fallen below a critical price point, showing a sea of blood-red candles.

Published Jun 20, 2022 1:19 AM CDT   |   Updated Wed, Jul 13 2022 8:09 PM CDT
0 minutes & 37 seconds read time

The cryptocurrency market has been in a slow decline since Bitcoin's price reached its all-time high in November, 2021, but now things have started to heat up - in a bad way.

Bitcoin falls below critical price causing a sea of blood candles 25

The price of Bitcoin was in an overall steady decline for many months, from January to April, 2022 the Bitcoin's price bounced between $45,000 and $35,000. In May the world's most popular cryptocurrency experienced a mass sell off, driving the price from approximately $35,000 at the beginning of May to $26,000 by the beginning of June.

Now, June as been a bloodbath of red sell candles as the price plummeted a further 30%, to what seemed to be a support level at $20,000. Looking at some of the hourly trading metrics you can see swaths of Bitcoin being purchased at $20,000, but not enough to outpace the selling that was occurring. As of writing the price has since broken the lowest support the market has seen since December 2020, and is fluctuating at around $19,000.

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NEWS SOURCE:techcrunch.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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