A strong drop in BTC is still possible amid the consequences of the bankruptcy of FTX, which is not expected to pause in the near future. Bitcoin could drop 13% to 2019 levels after FTX drop.

BTC confirmed a drop below the key $18,300 support level before moving further towards levels not seen since 2019. And the next support level for it will be $13,900, which represents a 13% downside potential from current levels.

There is a bearish medium-term bias and loss of upward momentum on the weekly chart.

This is a bad sign for crypto investors. If Bitcoin does not hold at $13,900, then the next support zone is around $10,000, which represents the February 2020 high. The decline will be 38% from current levels and will be a blow to crypto investors who still hope that the spread of the FTX bankruptcy to the entire crypto market can be avoided.