Bitcoin (BTC) lasted another unbroken night of $ 20,000 on June 17, with $ 14,000 emerging as a likely low.
A trader plans to take BTC at $ 14,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell to $ 20,220 on Bitstamp overnight before going up again $ 1,200 higher.
The pair remained isolated but within a narrow range as market participants waited to find out how long $ 20,000 would hold.
The picture was complicated by growing concerns about Three Arrows Capital’s investment fund and others, as rumors claimed that the former was seeking relief after failing to meet margin call obligations.
As Cointelegraph reported, the infection has manifested itself across institutional investment products including the Grayscale Bitcoin Trust (GBTC).
doing analysis the “worst case scenario,” meanwhile, popular analyst Venturefounder began to put more confidence in $ 14,000 – an 80% drawdown from current $ 69,000 full – time highs.
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair fell to $ 20,220 on Bitstamp overnight before bouncing to $ 1,200 higher.
The skittiish pair remained only range-bound as market participants waited to see how long $ 20,000 would hold.
The settlement was complicated, however, with growing concerns about the Three Arrows Capital (3AC) investment fund and others, with rumors claiming that 3AC was seeking relief because it was failing to meet its debt obligations.
As Cointelegraph reported, the contagion was expressed through institutional investment products, including the Gray Scale Bitcoin Trust (GBTC).
doing analysis the “worst case scenario”, at the same time, well – known analyst Venturefounder began to gain more confidence at $ 14,000 – an 80% drop from the current high of $ 69,000.
“The speed of the $ 20,000 capitation surprised me, I thought it would take longer. Get rid of their funds), it makes sense.”
The second job ended:
“That said, my lowest disadvantage target for BTC is $ 14,000, even if it goes lower, I do not think it will stay lower for a significant period of time. I am buying in the downside way, only $ 14,000 = ALL IN Bitcoin for me, I’m going to sell everything I own and invest in BTC. “
Between the current spot price and this target are areas where whales bought significant amounts of BTC in the immediate aftermath of the COVID-19 March 2020 market crash.
As indicated by Whalemap’s chain monitoring capability, these potential support “bubbles” are at $ 19,000, $ 16,000, and $ 14,000, respectively.
3 bubbles 3 supports pic.twitter.com/Gd94C3nq9n
– whale map (@whale_map) June 16, 2022
Supports 3 bubble 3 pic.twitter.com/Gd94C3nq9n – whalemap (@whale_map) June 16, 2022
As Cointelegraph reported, other floor price forecasts for BTC are as high as $ 11,000.
DXY weakness could send bitcoin to $ 23,000
On the macro side, the opening on Wall Street had modest gains in US equity under the guise of an unsolicited repayment in the strength of the US dollar.
Read also: These Three Indicators suggest that Bitcoin price fall is not over
The US Dollar Index (DXY), after shaking its highs over the past two decades, returned strongly and offered no relief for risky assets during the day.
At the time of writing, the DXY was trading near 105 and continued to rise, having hit an intraday low of 103.5.
However, well – known Crypto trader Ed is still expecting week – on – week highs to remain resistant and the DXY to fall lower again. He told his Twitter followers that this should raise the BTC / USD pair to $ 23,000.
– Ed_NL (@Crypto_Ed_NL) June 17, 2022
It was close, another lower leg is now expected for DXY which should power BTC to 23,000 pic.twitter.com/6Mt8UNywpS. – Ed_NL (@Crypto_Ed_NL) June 17, 2022
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