Bitcoin Prices Struggling To Break Above $20,000 Mark

Bitcoin retreats after briefly passing $25,000

Summary:

  • Bitcoin prices struggle below the $20,000 mark, but still above June low.

Read next: Oil Companies Gains Offer FTSE 100 Support, The Canadian Dollar’s Current Situation 

Bitcoin prices rose more than 2% on Monday

The price of the largest cryptocurrency, Bitcoin (BTC) has consistently struggled to break above the $20,000 mark since it dropped below last Tuesday. BTC has risen around 2% in the past 24 hours, however the fall in price since the start of the 2022 year could largely be attributed to the wider market sell-off in the wake of depressed market conditions.

Bitcoin’s price is trading at less than a third of its all-time high price of $69,000 reached in November of 2021, but has managed to stay above its lowest of $18,000, the bottom it hit during a wide sell-off in mid June.

Bitcoin Prices Struggling To Break Above $20,000 Mark - 1 BTC Price Chart

Sources: finance.yahoo.com, barrons.com

Bitcoin retreats after briefly passing $25,000

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.