BitcoinBTCUSD +1.69% and other cryptocurrencies were lower Wednesday as the largest digital asset struggled above a key level, with crypto traders facing a tough choice over whether prices are now at attractive levels or just poised to tumble even further.
The price of Bitcoin fell 1% over the past 24 hours to $20,200, holding above its recent bottom of $19,550, which was the lowest level since mid-July.
“Bitcoin is holding on to its ground and the price of Bitcoin is still hovering near the $20,000, which shows that bulls are trying their best to hold the price level,” Naeem Aslam, an analyst at broker AvaTrade, wrote in a note.
The largest crypto is trading in the lower end of a $20,000 to $25,000 range in which it has stagnated since mid-June when a dramatic selloff knocked Bitcoin down from $30,000. That’s still less than half its November 2021 all-time high of nearly $69,000.