Bitcoin (BTC) saw an impressive change of mood into June 22 as multi-day highs turned into a brand new dive under $20,000.
BTC often see accumulation below key trendline
Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD abruptly halting its latest gains hitting lows of $19,947 on Bitstamp.
The biggest cryptocurrency had passed $21,700 yesterday, its best performance since June 16, but momentum waned during Wall Street buying and selling.
For popular trader and analyst Rekt Capital, there is danger in BTC/USD being not able to reclaim its 200-week moving average (MA).
A classic support line in the past bear markets, Bitcoin had formerly retained the 200-week MA as support with wicks below it characterizing macro cost bottoms.
“If BTC can’t reclaim the 200-week MA as support… Then among the scenarios of the items might happen would involve disadvantage to new lows prior to the formation of the Accumulation Range the very first time underneath the 200-week MA,” he cautioned.
The 200-week MA was at $22,420 during the time of writing.
Fellow trader Credible Crypto was more positive around the short-term perspective, telling Twitter supporters he didn’t anticipate place cost going reduced.
Going to re-visit our weekly demand level as we bounced from it during the last couple of days. Not expecting new local lows here- searching for that Eco-friendly region to carry as well as for us to set up another local high in to the RED resistance region between 22-24k. $BTC https://t.co/FbngeJw8NT pic.twitter.com/F79eokL5W6
— CrediBULL Crypto (@CredibleCrypto) June 22, 2022
Zooming out, Crypto Tony likewise highlighted the “demand zone” that BTC/USD was now acting in.
“On the macro we are able to visit a couple of things here. We broke lower clearly from the distribution range. We’re now testing the very first demand zone out of this range. A reaction is anticipated, although not a bottom yet for me,” he tweeted.
“A wick lower to $17k – $15k around the cards.”
Whales turn to reduce BTC exposure
For that largest BTC hodlers, meanwhile, indications of change were already visible in on-chain data.
Related: It is not hodling! 50 PlusPercent of Bitcoin addresses still in profit
Based on on-chain analytics firm Glassnode, on June 20 and 21, Bitcoin whales deposited 50 plus,000 BTC to exchanges. This adopted 58,000 BTC in inflows on one day on June 13.
Overall inflows from whale wallets thus continued to be elevated with an intraday basis, while still not matching the amount seen during some previous sell-offs.
On May 9, for instance, exactly the same group sent over 80,000 BTC to switch accounts, probably the most since March 2020.
As Cointelegraph reported the 2009 week, whale buyers meanwhile produced a possible major support level just above $19,000.
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.
