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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.
