Hemorrhage – The price of Bitcoin (BTC) shakes the $20,000. The life-saving rebounds are slow to come. Point of bullish forecasts, traders and analysts prefer to envisage a dramatic return below … $10,000.
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Bitcoin Price Nearing $20,000: No Floor Price Found?
Bitcoin price falls up to around $20,870 on Bitfinex today, June 14, 2022. It subsequently manages to reconnect with $21,000. The cryptocurrency is trading at $21,595 at the time of writing. Its price is currently recording a daily loss of 4%.
The markets therefore have no right to a bullish bounceafter yesterday’s crash, June 13, 2022. And today’s declines have traders and investors even more worried.
Trading firm QCP Capital discusses the dangers of Bitcoin now “uncomfortably close” to $20,000. The price of the cryptocurrency would be a victim of part of the inflation. He would also suffer the fear “of the impact and contagion” of a possible insolvency of Celsius.
This situation could get even worse if the support at the 200-week moving average is broken. This support has proven its strength in the past.
The trader Rekt Capital, however, notes differences from previous bear markets. The influx of volume would indeed not be as strong this time around.
For the trader, a fall below this average would increase this influx of volume to the level of this essential support. This theory certainly has the advantage of being reassuring.
However, it does not take into account any panic selling following a break in this major support. The price of Bitcoin could in this case return to levels well below $20,000.
Traders and investors should not rule out this doomsday scenario. Whalemap analysts have shared a graph revealing two key points:
- former key Bitcoin realized price supports will likely become new resistances;
- the final floor price could be at $13,331.
Other perspectives are even much more pessimistic. Analyst Francis Hunt advance the possibility of a return of the price of Bitcoin at $8,000 – $10,000.
The bulls fail to get rid of the pool of blood in the markets. Fear invades the markets. Such sentiment is obviously far from favorable to a bullish recovery in the price of Bitcoin.
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