Bitcoin (BTC) moved towards $ 20,000 after Wall Street opened on July 11 amid fresh warnings to “prepare for further downs.”
$ 20,300 as the next support zone to be reached
Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair failed to recover the losses immediately after the weekly close at $ 20,850.
However, both have recorded the best weekly gains since March, but are likely to emerge due to market uncertainty.
For the Chain Analysis Resource Content Indicators, the level was viewed as support from June.
“BTC fell below its 21-day moving average after closing on Sunday,” he said. writing in a summary Twitter post, along with a graph of buying and selling interest on the main Binance exchange.
“FireCharts is showing some supply liquidity in close range, but that may not be enough. If the price breaks below the trend line, be prepared for a new low. »
Others, predictably, focused on the July 13 release of the US Consumer Price Index (CPI), which should drive lower risk assets if June inflation is well above estimates.
Blockchain analyst Joe Burnett also noted that miners, who already face very tight margins, could be heavier if the BTC price exceeds previous lows.
32 days since the start of Bitcoin miner capitalization.
If CPI comes in hot, US equities make new minimums, and Bitcoin falls well below $ 20k, prepare for the next wave of capitalization. pic.twitter.com/pKfchsILmf
—Joe Burnett () ³ (@IIICapital) July 11, 2022
32 days since the capitalization of Bitcoin miners began. If CPI is hot, U.S. stocks hit new lows, and bitcoin drops well below $ 20,000, prepare for the next wave of sales. pic.twitter.com/pKfchsILmf – Joe Burnett () ³ (@IIICapital) July 11, 2022.
“Critical support is now around $ 20,300. It needs to be held and, if the markets come, new highlights will be present, ”however against Michaël van de Poppe, Cointelegraph participant.
Hayes sees the beginning of the “fatal loop” of fiat money.
Macroeconomic situations have hardly been more positive. For Arthur Hayes, former CEO of derivatives trading platform BitMEX, it was confirmed that at least the US dollar and euro were starting to have a “fatal loop” towards the end due to the achievement of parity.
Read also: US inflation data will be ‘messy’ – 5 things to know about bitcoin this week
Central banks would have no choice but to adopt yield curve control (YCC), which would deplete the currency and ultimately leave bitcoin at the top as the new global standard – predictions already revealed in a blog post in April.
—Arthur Hayes (@CryptoHayes) July 11, 2022
The deadly loop has begun. 1 USD = 1 EUR. Get ready for YCC and $ BTC = $ 1 million. But be patient, these things take time. pic.twitter.com/mR8SsBx0fv. – Arthur Hayes (@CryptoHayes) July 11, 2022.
“$ 1 = € 1. Foreign currencies are falling against the dollar. And the US dollar is rapidly losing its purchasing power (CPI est. 8.8%), ”he said added PlanB, creator of price models Bitcoin Stock-to-Flow.
“When money dies … again.”
The US dollar (DXY) index continued to rise steadily throughout the day as the European gas crisis put pressure on the euro, hitting almost 108.2 – a new high in two decades.
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