The Bitcoin price followed bullish momentum from July 17 to July 24. The top coin reached a high of $24,276, but in the last two days, the price of Bitcoin highly retreated and dropped to a 6-day low of slightly above $23,000.
As the major cryptocurrency witnessed a significant price correction, other altcoins like ETH, SOL, and MATIC also tumbled by more than 5%.
Last week, Bitcoin enjoyed a massive price spike, climbing above $24,000 and marking its highest price point in over a month.
During this time, bulls tried hard to push the price above the $25,000 line, but the market situation did not favor this bullish price movement.
The major setback in BTC price was due to Tesla selling 75% of its BTC holdings in Q2. Following this announcement, the cryptocurrency lost over $2,000 in a day. Initially, the asset gained momentum and entered the weekend at $23,000.
However, soon after Tesla's Q2 report and prevailing macro-economic conditions, the bears regained control over the market and pushed BTC south hard.
As a result, the flagship cryptocurrency fell by over $1,000 and dumped to a 6-day low of under $22,000.
As of now, Bitcoin's price has sustained above $20,000, but it's 4% down in the last 24 hours, and its market capitalization has declined below $400 billion.
Since July 21, Bitcoin has been trading inside a descending parallel channel on the three-hour chart. Such channels usually indicate a price breakout to be expected soon.
In addition, Crypto analyst Justin Bennett believes that Bitcoin Price is expected to Plunge as low as four figures.