Bitcoin price plunges below $19,00 mark, new data indicates more blood

The price of Bitcoin has continuously fallen over the past couple of weeks, and now on-chain data indicates it may continue to fall further.

Bitcoin price plunges below $19,00 mark, new data indicates more blood
Published Sep 7, 2022 8:16 AM CDT   |   Updated Thu, Sep 29 2022 8:41 PM CDT
1 minute & 8 seconds read time

The price of Bitcoin is in yet another steady downtrend as the world's most valuable cryptocurrency's value drops below the $19,000 mark.

Bitcoin price plunges below ,00 mark, new data indicates more blood 25 | TweakTown.com

Bitcoin reached its all-time high price of $69,000 in November 2021, and since then, the cryptocurrency has been in an overall downward trend, with only some small periods of a price increase. One of the small periods of price growth occurred halfway through July, when Bitcoin broke the $21,000 resistance ceiling and climbed to approximately $24,500 by August 12.

The following day Bitcoin began its now current downward trend in price, dropping from the achieved $24,500 mark down to $21,000 by August 19, and a further drop to $19,000 by August 31. Currently, Bitcoin has fallen through the $19,000 support range, dropping to $18,700 at the time of publication. Over the last seven days, Bitcoin has lost 7% of its value, and over the course of a month, its value has decreased by 6.6%.

On-chain data analytics firm Glassnode took to its social media to shine a spotlight on Bitcoin's total supply, with the firm writing, "The volume of Bitcoin supply that has remained unspent for at least 1 year, has reached a new ATH of 12.589M BTC. This is equivalent to 65.77% of the circulating supply. Increasing dormant supply is a characteristic of BTC bear markets."

"The global bear market remains in full effect with price continuing to linger above range lows. Periods of price elation have been met with aggressive distribution from the largest of investor classes, as the search for exit liquidity persists. However, macro accumulation over a multi-year scale remains in effect, with HODLers and Long-Term Holders seemingly unfazed by prevailing economic conditions," wrote Glassnode.

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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