Bitcoin (BTC) survived one other night time with out breaking $20,000 on June 17 as $14,000 cemented itself as a possible backside degree.
Dealer plans to go “all in” on BTC at $14,000
Information from Cointelegraph Markets Professional and TradingView confirmed 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 growing issues over funding fund Three Arrows Capital and others, as rumors claimed the previous was in search of a bailout after it failed to fulfill margin name obligations.
As Cointelegraph reported, contagion expressed itself throughout institutional funding merchandise together with the Grayscale Bitcoin Belief (GBTC).
Analyzing the “worst case situation” in the meantime, well-liked analyst Venturefounder started to place extra religion in $14,000 — an 80% drawdown from present $69,000 all-time highs.
“Worst case situation 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 bit, thought it could have taken longer to occur. However figuring out the macro narrative (shares sell-off, QT taking away liquidity, large 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. Im 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 worth backside predictions run as little as $11,000.
DXY weak spot may ship Bitcoin to $23,000
On macro, modest positive factors for United States equities on the Wall Road open took a again seat to an unwelcome rebound in U.S. greenback power.
Associated: These 3 metrics counsel the Bitcoin worth crash just isn’t over
The U.S. greenback index (DXY), having come off its newest two-decade highs, returned with a vengeance to supply no respite to threat property on the day.
On the time of writing, DXY traded close to 105 whereas persevering with to rise, up from intraday lows of 103.5.
Nonetheless, well-liked dealer Crypto Ed nonetheless anticipated the week’s highs to remained unchallenged and for DXY to move decrease as soon as once more. This, he informed Twitter followers, ought to permit BTC/USD one other shot at $23,000.
That was shut, now anticipating one other leg decrease for $DXY which ought to 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 threat, you must conduct your individual analysis when making a choice.
