Bitcoin Drops Below $20,000 With Fundstrat Interest ‘Finally Washed Out’
Bitcoin fell below $20,000 for the first time in nearly a week, as the token’s lack of sustained bullish momentum has led some technical analysts to offer a further bearish outlook.
Bitcoin fell below $20,000 for the first time in nearly a week, as the token’s lack of sustained bullish momentum has led some technical analysts to offer a further bearish outlook.
Biggest electronic money down as much as 1.8% before recovering slightly to trade at $19,991 at 9:45 am in London. The MVIS CryptoCompare Digital Assets 100 Index, which measures the top 100 tokens, fell as much as 3.9%.
Mark Newton, technical strategist at Fundstrat, said: “Most short-term technical indicators point to an above-average chance of a final ‘washout’-style drop before this bottom. . Bitcoin is likely to drop to lows between $12,500 and $13,000, “which I would expect would be a great place for mid-term buyers to add to the long term,” he wrote.
Bitcoin’s relatively steady trading since dropping to as low as $17,560 on June 18 has fueled optimism that the battered crypto market is setting the stage for a recovery. However, the sector is still under pressure from central banks’ liquidity withdrawal efforts, as well as a series of well-known crypto booms that have dented investor confidence.
Craig Erlam, senior market analyst at Oanda, said that the recent more stable crypto prices have perhaps softened somewhat “due to the negative headlines over the past few months.” “I fear more will happen in the coming weeks and I wonder if the community will too, given its inability to gain any traction above $20,000.”