Bitcoin price on June 22: towards new lows?

volumes – The price of Bitcoin (BTC) is losing $ 20,000 again. Are markets heading to another local low for this cycle?

This Bitcoin price analysis is presented to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to people.

Bitcoin below $ 20,000: flat speech, downward pressure on risky assets

The price of Bitcoin drops to about $ 19,740 on Bitfinex today, June 22, 2022. Cryptocurrency trades at $ 19,847 at the time of writing. Its price currently records a daily loss of 5.39%.

That $ 20,000 loss comes hours after Federal Reserve Chairman Jerome Powell addressed Congress.

Jerome Powell did not announce any new measures, which, therefore, would no longer be known, against inflation. He simply confirmed that the Fed most likely interest rates will continue to rise.

“We hope that continued rate hikes will be adequate; the pace of these changes will continue to depend on incoming data and the changing outlook for the economy. “

However, it seems that this kind of speech continue to penalize risky assets like Bitcoineven before the next rate hike takes effect.

Whales on the scales: Towards a gradual, not immediate, recovery in the price of Bitcoin?

This fall in the price of Bitcoin below $ 20,000 is testing the strength of the new support at $ 19,174. The whales were there accumulated more than 133,000 BTCwhen Bitcoin lost $ 20,000 on June 18, 2022. This support now has to deal with the pressure of selling whales.

In fact, Glassnode data indicates that these large portfolios were shipped on June 20 and 21, 2022. more than 50,000 BTC in cryptocurrency exchanges.

Bitcoin entry of whales in exchanges – Source: Glassnode

But while that figure seems relatively high, Bitcoin’s daily entry into cryptocurrencies it’s actually still inferior at levels seen in the past.

By comparison, whales, for example, shipped more than 90,000 BTC on May 9, 2022, long before the price of Bitcoin returned to $ 20,000.

At this stage, what can the behavior of whales in the markets tell us? An increase in the accumulation of Bitcoin below $ 20,000, increases the likelihood that a bullish investment will begin.

In addition, a gradual decrease in the daily deposits of whales in the stock exchanges is also a favorable signal for the bulls.

Given this encouraging data, had the price of Bitcoin hit rock bottom on June 18, 2022?

A minimum price not yet found: the fault of the weekly volumes

Traders seem to be waiting a lower floor price, despite the formation of this new support above $ 19,000. This bearish outlook is due to the volume level during the recent bullish rise.

Trader Rekt Capital also mentions a volume ” very small and dominated by vendors during this bounce.

To better understand the current context, he shared a graph to illustrate his analysis based on trading volumes and the simple 200-week moving average.

He remembers it the above background during the bear markets a significant increase in sales volumes was observed. This event is “followed by a higher than average purchase volume the following week”.

In the current scheme, markets only met one of these conditions. In fact, they received an extreme sales volume last week. On the other hand, this week’s shopping volume is “significantly below average.” Sellers also continue to dominate.

Insufficient purchase volume for bullish recovery of Bitcoin price?
Rekt Capital publication – Source: Twitter

Given these analyzes, which still give bearers a very short-term favorite, what level of fall should the markets expect?

Rekt Capital had recently raised the possibility of a $ 17,000 drop after the price of Bitcoin lost a record channel.

Whalemap analysts had shared a chart that showed a possible minimum price around $ 13,330.

Undoubtedly, the situation has evolved from the BTC markets. But with caution, this outlook would indicate, however, that the final minimum price could always be located in this area – amplefrom $ 13,300 to $ 17,000.

Many analyzes thus converge on the need for another more significant decline, before a solid bullish recovery. The current losses would not be enough, even for HODlers.

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