$19,000 broken, Bitcoin falls to $18,000

Arman Shirinyan

Bitcoin cannot hold above $20,000 and plunges even further to $18,000

For the fifth day in a row, Bitcoin is showing negative performance in the cryptocurrency market, losing around 12% of its value in a week, which has led to a drop below $19,000, a price we have seen June 19 for the last time.

Lack of buying power, continued risk in the cryptocurrency market, and lack of strong “buy” signals fueled another portion of exits and selling pressure from traders and investors who bought Bitcoin at the local low of $17,600 on June 18.

Bitcoin Chart

Unfortunately, Bitcoin’s technical indicators show that the local bottom has not yet been reached, and the first cryptocurrency could still dive further contrary to the predictions of the bulls in the cryptocurrency communities.

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Positive scenario for BTC

For now, most market participants are waiting for a further Bitcoin reversal in the $17,000 range, but Bitcoin could hold some surprises, especially when the majority of open positions in the market are short, according to entries. in Bitcoin derivatives and funds that specialize in shorting digital gold.

With the market tilting sharply to one side, Bitcoin traders might face a short squeeze, which would cause the Bitcoin price to surge sharply, resulting in massive losses among the bears. Unfortunately, for a short squeeze to occur, Bitcoin will need to experience massive inflows that will cover most short-term orders and then cause a cascade of market sell-offs.

At press time, Bitcoin volume in general remains at a relatively low level, suggesting that both bears and bulls are not interested in trading the spot asset and prefer to stay out of the market. unpredictable.