Bitcoin (BTC) survived one other evening with out breaking $20,000 on June 17 as $14,000 cemented itself as a probable backside degree.
Dealer plans to go “all in” on BTC at $14,000
Knowledge from Cointelegraph Markets Professional and TradingViewconfirmed BTC/USD dipping to $20,220 on Bitstamp in a single day earlier than rebounding as much as $1,200 increased.
The pair remained skittish however inside a slender vary as market individuals waited to see how lengthy $20,000 would maintain.
The image was sophisticated by rising considerations over funding fund Three Arrows Capital and others, as rumors claimed the previous was in search of a bailout after it failed to meet margin call obligations.
As Cointelegraph reported, contagion expressed itself across institutional investment products including the Grayscale Bitcoin Trust (GBTC).
Analyzingthe “worst-case state of affairs,” in the meantime, common analyst Venturefounder started to place extra religion in $14,000 — an 80% drawdown from present $69,000 all-time highs.
“Worst case state of affairs, imo, $20k BTC is the brand new $30K,” certainly one of two tweets on the subject acknowledged.
“The velocity of the $20k capitulation shocked me a little bit, thought it could have taken longer to occur. However understanding the macro narrative (shares sell-off, QT taking away liquidity, enormous gamers like 3ac dumping), it is smart.”
A second post concluded:
“That being said, I hold my most bearish BTC downside target to be $14k, even if it goes lower, I don’t think it would stay lower for any meaningful period of time. I’m buying on the way down, but $14k = ALL IN Bitcoin for me, I will sell everything I own and put into BTC.”
Between current spot price and that target lay areas where whales had purchased significant amounts of BTC in the period immediately after the March 2020 COVID-19 market crash.
As on-chain monitoring resource Whalemap noted, these potential “bubbles” of support lay at $19,000, $16,000 and $14,000, respectively.
3 bubbles 3 supports pic.twitter.com/Gd94C3nq9n
— whalemap (@whale_map) June 16, 2022
As Cointelegraph reported, different BTC value backside predictions run as little as $11,000.
DXY weak point may ship Bitcoin to $23,000
On macro, modest positive aspects for United States equities on the Wall Avenue open took a again seat to an unwelcome rebound in U.S. greenback power.
These 3 metrics counsel the Bitcoin value crash will not be over
The U.S. greenback index (DXY), having come off its latest two-decade highs, returned with a vengeance to offer no respite to risk assets on the day.
At the time of writing, DXY traded near 105 while continuing to rise, up from intraday lows of 103.5.
Nonetheless, popular trader Crypto Ed still expected the week’s highs to remained unchallenged and for DXY to head lower once again. This, he told Twitter followers, should allow BTC/USD another shot at $23,000.
That was close, now expecting another leg lower for $DXY which must be fueling #BTC to 23k pic.twitter.com/6Mt8UNywpS
— Ed_NL (@Crypto_Ed_NL) June 17, 2022
The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a choice.
Tags
Share this post:
