According to information provided by Cointelegraph Markets Pro and TradingView, the Bitcoin to US Dollar exchange rate followed stock markets in their downward trend as the month of June entered its last week.
After a relatively calm weekend, the price of the pair had dropped below $21,000 when this article was written, marking the first time in three days that it had fallen below that threshold.
Bitcoin is still trading at a price that is much lower than its 200-week moving average (WMA), which is now sitting at $22,430. Despite the widespread lack of optimistic confidence among traders, investors continued to maintain their predictions for a further price decline.
“Bitcoin has voiced its opposition to the $21K support. That’s not a problem at all. We have a system in place for the levels, “A tweet by the contributor to Cointelegraph Michael van de Poppe during the day’s Twitter discussion is below.
In a subsequent piece, it was stated that further lows were on the way, which would attract traders to establish long positions. There was support located at $20,325 and close to $20,100; however, if neither of these levels held, a drop below $19,000 as possible.
In the meanwhile, another trader and analyst by the name of Credible Crypto outlined the conditions that must be met in order to be certain that this month’s lows of $17,600 would not be challenged. It would be necessary for him to go down to the low-thirties-thousand-dollar area.
In a video update, he said that “I don’t believe we’re going to see new lows” if the company is able to “reclaim $25,000 and push up to the low $30,000s” (that is, $28, $29, and $30,000) at that time.
Accordingly, “I’d anticipate it to happen before we recoup $25,000 if we’re going to see new lows.”
Bitcoin was on course to complete its first-ever month below the 200-day moving average (200WMA) on the day, which would distinguish the current bear market from others that have occurred in the past.
In recent days, large declines in BTC supply have been seen across a majority of exchanges. This comes after “whales” recently made news for purchasing coins for roughly $20,000 each.
According to information provided by the on-chain analytics company Glassnode, the highest cumulative change in BTC that was not retained on exchanges occurred on June 26.
As a result of assets moving to other locations, the 30-day moving average of the change in supply that was retained on exchanges decreased by 153,849 BTC.