Bitcoin (BTC) fell below $ 1,000 from the previous highs on June 14, when the number of cryptocurrencies increased.
Bitcoin prices reach an 18-month low
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached $ 20,816 on Bitstamp, the lowest since the week of December 14, 2020.
Sales that began before the weekend increased after the opening bell on Wall Street on June 13 as Bitcoin and altcoins fell in line with US equities.
The S&P 500 ended the day down 3.9% while the Nasdaq Composite Index fell 4.7% ahead of the US Federal Reserve’s main comments on its anti-inflation policy.
The worst way, however, was reserved for cryptocurrencies and thus BTC / USD lost 22.4% from the beginning of the week to the time of this writing.
The pair were also “uncomfortably close” to exceeding the $ 20,000 mark, said trading firm QCP Capital, which represents the historic high from the first half, something that had never happened before.
In a circular to Telegram subscribers, QCP announced both the inflation issue and the possible bankruptcy of Celsius’ FinTech protocol, which is pushing for the sale.
“We have been expressing concern about the collapse of a major lender since the LUNA explosion. The market is now in despair over the impact and contagion if Celsius goes bankrupt,” it explained.
“Some key levels that the market is looking at are 1,150 in ETH, 0.8 in stETH / ETH and 20,000 in BTC. We are approaching awkwardly.”
For other analysts, all bets were off when it came to guessing the BTC floor or whether the main guidelines would hold as support.
Deadly red candle, deadly green candle.
– Michaël van de Poppe (@CryptoMichNL) June 13, 2022
Rekt Capital warned that the 200-week simple moving average (SMA) of $ 22,400 had not been accompanied by significant volume growth, leaving doors open for testing at lower levels.
“BTC has reached 200 weeks MA but the inflow of volume is not as strong as in the previous Bear Market Botts formed at 200 MA,” he said. said Twitter followers.
“But improper fluids below 200 mA are occurring and perhaps these fluids need to occur this time to encourage high volume inflows.”
At the time of writing, 200 SMA seemed to act more like a resistor than a low time frame support.
The Altcoin futures index shows the full force of recovery
On altcoins, Ether (ETH) fell 40% below its peak last week and was close to the $ 1,000 mark.
Related: Lowest weekend since December 2020 – 5 things to know about Bitcoin this week
If broken, it would be the first time that ETH / USD has traded at a three-digit price since January 2021. As the Cointelegraph reported, the pair had already exceeded the $ 1,530 maximum from the first half-life of Bitcoin.
There was little reason to celebrate altcoins in this downturn, Rekt Capital argued, emphasizing the flagging of all presence against Bitcoin.
In fact, the green HTF support lost in May has since turned into a new resistance
The Altcoin index has fallen -50% since then
The index has since reached a new monthly level (orange) which may already be showing weakness
– Rekt Capital (@rektcapital) June 13, 2022
As a sign of the pain affecting all cryptocurrencies, data from the chain’s Coinglass watchdog confirmed that the liquidation of the market exceeded $ 1.2 billion in just 24 hours.
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