Bitcoin Heads To Close Weekly Catastrophic, BTC Price Dropping To $ 20,000

Bitcoin (BTC) tried to reclaim $ 20,000 in support on June 19 with beneficiaries facing a $ 7,000 weekly red candle.

$ 16,000 for next potential transfer

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair rising from a low of $ 17,592 on Bitstamp before being firmly locked at $ 20,000.

Low liquidity trading conditions have left the weekend bleak for the ups and downs, with the largest cryptocurrency falling to unprecedented levels since November 2020.

In the wake of some losses, the deja vu sensation entered the market during the day. Resistance was $ 20,000 back, which was the highest level for bitcoin for three years, from December 2017 to December 2020.

This was also the first time for the BTC / USD pair to reverse below the highest level ever since a previous half cycle.

First things first. This is the first time Bitcoin has traded below previous league levels. I think it is fair to say that things are different now.

—Charles Edwards (@caprioleio) June 18, 2022

Everything has a beginning. This is the first time bitcoin has traded below previous cycle highs. I think it is fair to say that things are different now. – Charles Edwards (@caprioleio) June 18, 2022

Although some market participants were panicked, they were still very sensitive to recent price action, which was still in line with the historical patterns of the bear market.

“To put things in perspective: A 74% bitcoin crash is not unusual now,” he said. recognized market commentator Holger Zschaepitz.

“There are 4 crises in history when the big money went from peak to tank> 80%.”

Looking ahead, $ 17,000 was targeted as a potential short-term goal. As the popular Credible Crypto Twitter account noted, there was no short press up on the menu.

There seems to be no pressure at first. Well, so let’s get ripped off the bandit and get down to it! https://t.co/xliurgtProO

– CrediBULL Crypto (@CredibleCrypto) June 18, 2022

There seems to be no pressure at first. So let ‘s rip off the bandage and get it on hand! https://t.co/xliurgtPrO – Cryptocurrency CrediBULL (@CredibleCrypto) June 18, 2022

Another trader and analyst, Rekt Capital, added that the 200 – week moving average of bitcoin (MA), a mainstay of support in bear markets, was still working as before.

No matter how great this time it may seem #BTC

Historically $ BTC tend to wick between -14% to -28% below the 200-week MA

BTC has a poor 21% below 200 MA to date, still within the historical range and not out of the ordinary in this regard#Crypto #Bitcoin pic.twitter.com/cJm5A9yYYO

– Rekt Capital (@rektcapital) June 19, 2022

No matter how extreme this period may seem to BTC. Historically, BTC has tended to be between -14% and -28% below the 200-week MA. BTC is down -21% below the 200 week MA to date, which is still within the historical range and not out of the ordinary in this regard #Crypto #Bitcoin pic.twitter.com/cJm5A9yYYO – Rekt Capital (@rektcapital) June 19, 2022

Vendors get rid of coins at the highest price

At around $ 7,000, however, the red candle for the week was expected to be one of the largest in bitcoin history in dollar terms.

READ ALSO: GBTC bounty hits record low (-34%) as cryptocurrency funds ‘vomit’ signals

Data from chain analysis platform Coinglass says June 2022 is coming up to be the worst month ever, even surpassing 2013 in terms of losses.

For the past three consecutive days the largest USD has been identified Realized Loss i #Bitcoin history.

More than $ 7.325b in $ BTC losses have been locked by investors throwing coins accumulated at higher prices.

A thread that examines this in detail
1/9 pic.twitter.com/O7DjSK2rEQ

– glassnode (@glassnode) June 19, 2022

The three consecutive days were the largest USD-denominated realized loss in #Bitcoin history. Investors who tossed coins accumulated at higher prices blocked losses in excess of $ 7.325 billion. A thread that examines this topic in detail
1/9 pic.twitter.com/O7DjSK2rEQ – glassnode (@glassnode) June 19, 2022

As a sign of pressure from investors on spot price performance, more BTC was sold at a loss in the three days to June 19 than at any other time, according to figures from Glassnode Chain Analysis company.

Another concern focused on the financial viability of bitcoin miners. However, everyone do not agree the fact that participants in the network feel the stress to a point that causes capitalization.

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