Bitcoin falls below $20,000 as Asia continues global stock market slump

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

Bitcoin falls below $20,000 as Asia continues global stock market slump

Bitcoin falls below $20,000 as Asia continues global stock market slump
Source: CoinTelegraph
1656494573 29 Jun / 09:22

During Asian trading hours, BTC/USD dipped below the $20,000 threshold for the first time in almost a week, according to data from Cointelegraph Markets Pro and TradingView.

The decline followed rangebound behavior at $21,000, which characterized a market that remained in sync with global equity movements.

The S&P 500 ended the previous trading day down 2%, while the Nasdaq Composite Index fell 3%. Similarly, Hong Kong's Hang Seng was down 2.1% on the day, while China's Shanghai Composite Index was down 1.4%.

Bitcoin had no impediment to retest the lower end of a range that had been in place for several weeks since there were few positive macro signals.

Cointelegraph writer Michaël van de Poppe commented in his most recent Bitcoin-related Twitter post, “Bitcoin is giving that correction, was anticipating a potential low at $20.3K.”

“We get $20.1K as that’s the second important one… Would like to see it hold here and see additional confirmation on LTF. If it doesn’t, $19.3-19.5K next for support.”

Other reports were still enthusiastic about the possibility of an attack on the resistance farther up the mountain.

In the case of the on-chain analytics resource Material Indicators, this might yet be a challenge to the 200-week moving average. This crucial bear market support level began to act as resistance in June.

Analysts suggested that in the absence of economic certainty, risk assets such as cryptocurrencies would continue to decline over longer timeframes.

Michael J. Burry, an investor in the Big Short, predicted that the U.S. Federal Reserve would abandon its quantitative tightening (QT) program in 2022 and revert to more accommodating circumstances.

“Deflationary pulses from thisYear -> deflation in CPI later this year –> Fed reversal on rates and QT –> Cycles,” says part of a June 27 tweet.

Only an evident boom for risk assets would thus give Bitcoin and altcoins a break, the prominent Twitter account TXMC Trades commented, reflecting the opinions of other experts like former BitMEX CEO Arthur Hayes.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.