Bitcoin (BTC) tried to recover $ 20,000 in support on June 19 as bulls faced $ 7,000 weekly red candles.
$ 16,000 an eye for a possible next move
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD rising from a low of $ 17,592 on Bitstamp before firmly declining to $ 20,000.
Terms of trade with a low liquidity ratio had made headlines a miserable weekend as the largest cryptocurrency fell to levels not seen since November 2020.
Although the losses have been recovered, there was a feeling of deja vu in the market the other day. $ 20,000 had returned as resistance, this had set a historic high for Bitcoin for three years from December 2017 to December 2020.
It was also the first time that BTC / USD had declined in the first half of the half.
That’s first and foremost everything. This is the first time that Bitcoin has traded below previous heights. I think it’s fair to say things are different now.
– Charles Edwards (@caprioleio) June 18, 2022
Although some have reacted to this advice, experienced market participants continued their understanding of recent pricing measures, which still corresponded to the historical pattern in the bear market.
“To put things in perspective: Bitcoin collapse of 74% as of now is not unusual,” market analyst Holger Zschaepitz acknowledged.
“In history, there have already been 4 crashes where the leading cryptocurrency went from a high to a low of> 80%.”
As for what could be ahead, attention was focused on $ 17,000 as a potential short-term goal. A short squeeze higher, as the popular Twitter account Credible Crypto pointed out, was not on the menu.
Looks like nothing squeezed at first. Well, let’s rip the patch off and finish this! https://t.co/xliurgtPrO
– CrediBULL Crypto (@CredibleCrypto) June 18, 2022
Partner trader and analyst Rekt Capital added that the 200-week moving average of Bitcoin (MA), a key support line in bear markets, is still functioning as before.
No matter how much extremism this seems to be for #BTC
Historically speaking $ BTC tends to decrease between -14% to -28% below the 200 week MA
BTC has wickedly -21% below 200 MA so far, still within the storyline and not unusual in that respect# Encryption #Bitcoin image.twitter.com/cJm5A9yYYO
– Rekt Capital (@rektcapital) June 19, 2022
Vendors deliver coins at a loss
This week’s red candle, on the other hand, was supposed to be one of the largest in the history of Bitcoin in dollars, at around $ 7,000.
Related: The GBTC premium reaches a -34% historical low as cryptocurrencies “cake out” tokens
Data from the Coinglass chain analysis platform added that June 2022 was going to be the worst in history and even hit 2013 in terms of losses.
The last three days in a row have been the largest realized loss in USD #Bitcoin story.
Over $ 7,325B in $ BTC losses have been blocked by investors spending coins accumulated at higher prices.
Thread that explores this further
1/9 image.twitter.com/O7DjSK2rEQ– glassnode (@glassnode) June 19, 2022
As a sign of investor pressure due to substitute performance, more BTC was sold at a loss in three days to June 19 than at any other time, according to figures from chain analysis firm Glassnode.
Additional concerns were focused on the financial upheaval of Bitcoin miners. Not everyone, though approved that the participants in the network feel trapped to the point that submission would result.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.
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