Bitcoin Price Falls Below $20K as Asia Prolongs Global Stock Weakness The Ecoinomic

Bitcoin (BTC) returned below $20,000 on June 29 as analysts remained hopeful of a higher move.

Traders look to $19,500 for support

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week of Asian trading hours.

The weakness followed a breach of nearly $21,000, which characterized a market that remained in line with the moves of global stocks.

The S&P 500 ended the previous session down 2 percent, while the Nasdaq Composite lost 3 percent. On the day, Hong Kong’s Hang Seng was also 2.1% lower, while China’s Shanghai Composite Index traded down 1.4%.

With a few bullish signals coming from the macro, Bitcoin has had little stopping it from returning to the lower end of a spot range for several weeks.

“Bitcoin is making that correction, predicting a potential low at $20.3 thousand,” Cointelegraph contributor Michaël van de Poppe wrote in part of his latest Bitcoin-focused Twitter update.

Stock Weakness

“We got $20.1k because it’s the second most important item… Want to see it kept here and see additional confirmation of LTF. Otherwise, the next $19.3-19.5 thousand is supported. ”
Other sources remain optimistic that the likelihood of an attack against resistance will increase.

As for the Materials Indices on resource analysis on the chain, this is still possible in the form of a 200-week moving average challenge, the bear market’s main support level, which began to act as resistance in June.

The stock continues to fall.

Focusing on macro, commentators argue that with little certainty about existing economic strength, risky assets such as cryptocurrencies will continue to suffer over a longer time frame.
This is according to the expectations of Big Short investor, Michael J. Burry argues that the U.S. Federal Reserve will abandon its quantitative tightening (QT) policy to limit Inflation by 2022 and return to more appropriate conditions.

“Conflicting deflation from this – > reduce inflation in CPI later this year – > the Fed reverses itself in terms of interest rates and QT-> Cycle,” part of a tweet published June 27 said.

Therefore, only a clear benefit to risky assets can cut some Bitcoin and altcoins, the well-known Twitter account TXMC Trades responded, echoing the views of many commentators including the former BitMEX CEO, Arthur Hayes.