Bitcoin price limps under $20K as Asia extends global stocks weakness
Bitcoin (BTC) returned under $20,000 on June 29 as analysts stayed hopeful of a trip higher.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week in Asian trading hours.
The weakness followed rangebound behavior near $21,000, this characterizing a market still in tune with moves in global equities.
The S&P 500 had finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng was likewise 2.1% lower, while China’s Shanghai Composite Index traded down 1.4%.
With few bullish cues coming from macro, Bitcoin thus had little stopping it from revisiting the lower end of a range in place for several weeks.
“Bitcoin is giving that correction, was anticipating a potential low at $20.3K,” Cointelegraph contributor Michaël van de Poppe wrote in part of his latest Bitcoin-focused Twitter update.
Zooming out, other sources were still optimistic about the potential for an assault on resistance further up.
For on-chain analytics resource Material Indicators, this could still come in the form of challenging the 200-week moving average, a key bear market support level, which had begun to function as resistance in June.
Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com/hvs1as44qG
Focusing on macro, commentators argued that with little certainty about economic strength available, risk assets such as crypto would continue to suffer on longer timeframes.
Related: 3 charts showing this
Read more on cointelegraph.com
