'Worst quarter ever' for stocks — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts a new week still battling for $20,000 support as the market takes in a week of severe losses.
What felt all but impossible just weeks ago is now a reality as $20,000 — the all-time high from 2017 to 2020 — returns to give investors a grim sense of deja vu.
Bitcoin dipped as low as $17,600 over the weekend, and tensions are running high ahead of the June 20 Wall Street open.
While BTC price losses have statistically been here before — and even lower — concerns are mounting for network stability at current levels, with attention particularly focused on miners.
Add to that the consensus that macro markets have likely not bottomed, and it becomes understandable why sentiment around Bitcoin and crypto is at record low levels.
Cointelegraph takes a look at some major areas of interest for hodlers when it comes to Bitcoin price action in the coming days.
At $20,580, Bitcoin’s latest weekly close could have been worse — the largest cryptocurrency managed to retain a key support level at least on weekly timeframes.
The wick below stretched $2,400, however, and a repeat performance could heighten the pain for those betting on $20,000, forming a significant price level.
Overnight, BTC/USD reached highs of $20,629 on Bitstamp before returning to consolidate immediately below the $20,000 mark, indicating that the situation remains precarious on lower timeframes.
Think prices should run up a lot now, punishing panic sellers and forced sellers. Recovering at least half the drop from two Fridays ago (CPI day). I want to see a fast reaction up from here next couple of days. The best rallies are those that don't give laggards an entry.
While some call for a snap recovery, the overall mood among commentators remains one of
Read more on cointelegraph.com
