Bitcoin dropped through a major support level Tuesday, falling below $19,700 amid a sell-off in broader markets that saw equity indexes decline and the euro approach parity with the U.S. dollar.
Price-charts show Bitcoin saw rejection at last week’s $21,800 level. It experienced some support at $20,500 over the weekend and dropped to the $19,700 mark in early Asian hours today. A brief bump up to almost $20,000 was followed a return to the lower level in the European morning.
Bitcoin could drop to as low as $18,700, a level it reached earlier this month, technical analysis shows. A recovery from current levels, on the other hand, could see Bitcoin climbing as high as the $21,300 zone in coming weeks.
The declines came as Singapore state-owned Temasek Holdings, which manages more than $287 billion of assets, cautioned of more downturns across financial markets, citing the likelihood of a “recession in developed markets.” Read more »