Bitcoin Dips Below $20000

Bitcoin’s price entered a consolidation phase on Wednesday while its downtrend seems to have stopped after a severe shakeout to $17K.

This range is likely to provide significant support, as it contains the 2017 all-time high, and it might spark a short-term rally towards the $30K region.

Bitcoin price has fallen nearly 10% over the past three days, going from a high of $22,020 on June 26 to recently hitting a low of $19,890.

The star cryptocurrency appears to have reached a critical area of support that would likely determine where it is going next.

Further selling pressure that sends Bitcoin price below $19,690 can confirm that the recent correction has more leg downs. If this were to happen, Bitcoin price could fall to $18,550 or lower.