Bitcoin Chooses Direction, Down

Posted on 08/21/2023

Bitcoin has fallen below US$ 26,000, before recovering slightly, after hovering around US$ 29,000 since June. As recently as August 15 the cryptocurrency appeared poised to maintain its position or rise, before freefalling, and no substantial buyers appeared at key levels. Today bitcoin trades at US$ 26,000, down 60% from all time highs. Bitcoin fell over 7% on Thursday alone, plummeting to US$ 26,634. Bitcoin proponents say it’s not a problem unique to crypto, that bitcoin fell, because the overall market was falling as well.

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