in

Bitcoin Price Breaks Below $ 20,000 As Asia Expands Global Stock Fall

Bitcoin Price Breaks Below $ 20,000 As Asia Expands Global Stock Fall

Bitcoin (BTC) fell back under $ 20,000 on June 29 as analysts remained optimistic with an upward trend.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

Traders seek support for $ 19,500

Data from Cointelegraph Markets Pro and TradingView tracked the BTC / USD pair breaking below $ 20,000 for the first time in almost a week in Asian trading hours.

This weakness came after diversification behavior that was close to $ 21,000, reflecting a market that is still in tune with global equity movements.

The S&P 500 finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng also fell 2.1%, while the Shanghai Composite Index lost 1.4%.

With few bullish signals coming from the macroeconomy, bitcoin did little to prevent it from revisiting the lower part of the range that had been in place for several weeks.

“Bitcoin is making this correction, it was expecting a potential bottom of $ 20,300,” Cointelegraph contributor Michaël van de Poppe recently wrote update on Twitter focused on bitcoin.

“We get the $ 20,100 because this is the second important level … I want to keep it here and see more confirmation in the market. If not, the next support will be in the $ 19,300-19,500 range. ”

As the scope expanded, other sources remained optimistic about the possibility of a higher resistance attack.

For Chain Analytical Resource Content Indicators, this could still take the form of a challenge for the 200 – week moving average, a key level of support in the bear market, which began to act as a resistance in June.

Stocks continue to fall

Focusing on the macroeconomy, commentators argued that, with little certainty about the available economic strength, dangerous assets such as cryptocurrencies will continue to suffer over longer periods of time.

Read also: These three indicators show that the fall in the price of bitcoin has nothing to do with the summer of 2021

The sentiment came after a prediction by Big Short investor Michael J. Burry that the U.S. Federal Reserve would abandon its quantitative escalation (QT) policy against inflation in 2022 and return to more appropriate terms.

“Deflationary impulses flow from here -> CPI deflation later this year -> nutrition reverses rates and QT -> Cycles,” reads some tweet published on June 27th.

So only a clear bonanza for dangerous assets could give bitcoins and altcoins a breathing space, popular Twitter account TXMC Trades responded to this prospect macalla with the views of various commentators, including former BitMEX CEO Arthur Hayes.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trades involve risk, you should do your own research before making a decision.

Morocco: Central Bank Bill to Regulate Bitcoin (BTC) and Other Cryptos

Morocco: Central Bank Bill to Regulate Bitcoin (BTC) and Other Cryptos

Crypto.com removes Dogecoin, Shiba Inu, and More from the Earn Program

Crypto.com removes Dogecoin, Shiba Inu, and More from the Earn Program