Bitcoin (BTC) was sold off on June 27 on Wall Street as US stocks plunged.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$25,000 like a line of bulls in the sand
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is following a decline in the stock markets as it started the last week of June.

At the time of writing, the pair is trading below $21,000, after hitting a three-day low after a broadly stable weekend.

Amid a general lack of bullish conviction among traders, expectations for a further decline remained in place, with Bitcoin staying below the 200-week moving average (WMA) at $22,430.

“Bitcoin says no for $21,000 support. It’s all good. We have regulated levels,” Cointelegraph contributor Michael van de Poppe wrote in a Twitter debate that day.

Another post argued that more declines will come to entice traders to open long positions. The support is at $20,325 and around $20,100, neither of which should continue, it could result in a pullback towards $19,000.

Meanwhile, Credible Crypto trader and analyst has set out requirements to make sure this month’s lows of $17,600 are not challenged. For him, that should be followed by a trip into the low $30,000 range.

“If we can get $25,000 back, pay up to $30,000 – $28, $29, $30,000 – at this point, I don’t think we’re going to see new lows,” he said in a video update.

“So if we’re going to see new lows, I expect that to happen before we get $25,000 back.”
Bitcoin remained on track to close its first-ever month below the 200WMA on the day, with the current bear market identified among the previous ones.

BTC/USD 1-week candle chart (Bitstamp) with 200WMA. Source: TradingView
BTC draining from exchange wallets
Meanwhile, signs of investor buying continued to decline.

Related: Google Users Think BTC Is Dead – 5 Things to Know in Bitcoin This Week

After whales made headlines to add coins around $20,000, exchanges on a larger scale have seen a significant drop in bitcoin supply in recent days.

According to data from on-chain analytics firm Glassnode, June 26 saw the largest cumulative change in BTC not held on exchanges.

The 30-day average change in supply on exchanges decreased by 153,849 BTC as funds moved elsewhere.

Bitcoin exchange position net change chart. Source: Glassnode
As Cointelegraph reported, metrics like Mayer Multiple continue to show the potential for significant gains by buying BTC at current levels.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Source: CoinTelegraph

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