BTC’s sell-off is easing slightly, but traders are afraid that negative newsflow and future U.S. interest rate hikes could push the price lower.
Bitcoin’s month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year.
BTC/USDT 1-day chart. Source: TradingView
Here’s a look at what several market analysts are saying about Bitcoin’s move lower and whether this is the final capitulation event before the long-awaited price bottom.
Is there solid support at $23,000?
Previous instances of bear market capitulation have seen a solid level of support at Bitcoin’s 200-week moving average as shown in the following chart posted by market analyst and pseudonymous Twitter user Rekt Capital.
BTC/USD 1-week chart. Source: Twitter
Based on the trend from the last two cycles, Rekt Capital suggested that it’s possible that BTC could see a “macro double bottom at the 200-week moving average” moving forward if the price action plays out in a similar fashion.
Rekt Capital said,
Analysts say “max pain” is at $13,330
Insight into where Bitcoin could potentially be headed should it continue to break below the established support levels was provided by data from Whalemap, who posted the following chart highlighting the previously established support levels that could now flip to resistance.
Bitcoin realized price by address. Source: Twitter
In an extreme, Bitcoin could pullback to $8,000
According to Francis Hunt, a market analyst at The Market Sniper, Bitcoin price could drop to as low at $8,000 before hitting a real bottom.
BTC/USD 1-day chart. Source: Twitter
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