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Business Maverick: Bitcoin back down below $20,000 on post-Jackson Hole caution

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The largest token extended its drop below $20,000 on Monday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve’s rate-hike path.

Bitcoin fell as much as 2.3% on Monday to $19,527. That’s on course for a fifth straight day of declines, coming after US stocks fell on Friday following Fed chair Jerome Powell’s speech at the Jackson Hole conference. The wider crypto market retreated Monday, with the MVIS CryptoCompare Digital Assets 100 Index dropping as much as 2.5%.

The $20,000 level acted as support for Bitcoin when it hit lows in recent months, but the cryptocurrency had worked its way higher in recent weeks. Before Saturday, it hadn’t been below $20,000 since July 14, and had even crossed above $25,000 earlier in August. Numerous strategists have flagged $20,000 as a key point for Bitcoin, though levels of support could lie lower as well.

“If Bitcoin doesn’t hold $20,000, then $18,900 comes into play before a date with the June intraday low of $17,600,” said Antoni Trenchev, co-founder and managing partner of Nexo, in a note on Sunday. “Close below that and it doesn’t look pretty.”

 

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