BTC price activity remains immovable under a key long-haul trend line as Bitcoin bulls lose their grip.
Bitcoin (BTC) saw an emotional difference in the state of mind on June 22 as multi-day highs gave way to a new jump under $20,000.
BTC could see accumulation below the key trendline
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly halting its latest gains to hit lows of $19,947 on Bitstamp.
The largest cryptocurrency had passed $21,700 the day before, its best performance since June 16, but momentum waned during Wall Street trading.
For popular trader and analyst Rekt Capital, there was danger in BTC/USD being unable to reclaim its 200-week moving average (MA).
A classic support line in previous bear markets, Bitcoin had formerly retained the 200-week MA as support with wicks below it characterizing macro price bottoms.
“If BTC can’t reclaim the 200-week MA as support. Then one of the scenarios of what could happen would involve downside to new lows before the formation of an accumulation range for the first time below the 200-week MA,” he warned.
The 200-week MA stood at $22,420 at the time of writing.
Individual merchant Credible Crypto was more hopeful on the momentary viewpoint, telling Twitter adherents that he didn’t anticipate spot cost going a lot lower.
Zooming out, Crypto Tony similarly featured the “request zone” that BTC/USD was presently acting in.
“On the full scale, we can see a couple of things here. We separated obviously from a conveyance range. We are currently trying the principal request zone from this reach. A response is normal, yet not a base yet as I would like to think,” he tweeted.
“A wick down to $17k – $15k on the cards.”
Whales hope to lessen BTC openness
For the biggest BTC hodlers, in the mean time, indications of progress were at that point apparent in on-chain information.
As indicated by on-chain examination firm Glassnode, on June 20 and 21, Bitcoin whales stored north of 50,000 BTC to trades. This followed 58,000 BTC in inflows on a solitary day on June 13.
Generally speaking inflows from whale wallets subsequently stayed raised on an intraday premise, while still not matching the levels seen during some past sell-offs.
On May 9, for instance, a similar gathering sent north of 80,000 BTC to trade accounts, the most since March 2020.
As Cointelegraph revealed recently, whale purchasers in the interim made a potential significant help level simply above $19,000.
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