Bitcoin Dips Below $19K, Hitting Lowest in Two Months

Bitcoin (BTC) tumbled by the most in two weeks, falling below $19,000 for the first time since July.

The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.

The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.

The bitcoin price fell as low as $18,680, its lowest since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.

“Each failed attempt (to breach the resistance zone just above $20,000) increased the likelihood of a test of the bottom of the price range (near $18,000),” Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told CoinDesk via a text message.

The S&P 500 slipped 0.41% Tuesday, as traders worried that the Federal Reserve could stay aggressive in its campaign to tamp down inflation.

Bitcoin often trades down when there’s heightened speculation of more hawkish monetary policy.

“From a technical perspective, the price remains in line with our projections, and we would be looking to accumulate between here and $15,000,” DiPasquale said.

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