Price is now falling by over 4% to a low of $19,332 and that is the lowest since 19 June. The drop below $20,000 in the middle of this month was somewhat salvaged by sentiment remains on the rocks and there hasn't been much confidence of a major rebound in Bitcoin and cryptocurrencies this time around.
If anything, it felt like it was just a matter of time before the other shoe drops and we might be getting that now. It's hard to say how month-end and quarter-end factors into cryptocurrencies but with the overall risk mood looking rather iffy, it tends to correlate with a more defensive tone in this space too.
The weekly chart below exemplifies how breaking the $20,000 mark was pivotal in launching Bitcoin's ascendancy, so now the potential for a break below that could very well send it back to obscurity.