On June 18, the price of bitcoin (BTC) fell below $20,000, the first serious high reached in 2017 and the lowest for the flagship digital currency since December 2020.
This comes amid a major market correction, during which most cryptocurrencies are trading in negative territory. Saturday night ended for bitcoin at $17,800 with a daily loss of 13% and a weekly loss of 39%.
Due to the price decline, bitcoin lost nearly $50 billion in 24 hours of market capitalization, which fell to $345 billion from $402 billion.
According to CoinGecko, the capitalization of the overall cryptocurrency market fell to $839 billion. It is worth noting that the Fear and Greed Index fell to 6, which means extreme fear, reflecting the darkest mood in the market.
According to crypto trading analyst Rekt Capital, bitcoin could fall as low as $15,000, highlighting that BTC tends to fall from -14% to -28% below the 200 moving average:
Right now, BTC is -15% below the 200-MA. BTC will return to a price of ~$15,500.
Another cryptocurrency analyst Michael van de Poppe identified a block below $19,000, the next support level may be in that zone.
The weekly RSI is at an all-time low + we are floating below the 200-week MA. Destructive market structure.
Earlier, billionaire and DoubleLine Capital CEO Jeffrey Gundlach said that the major digital asset could fall to lower levels:
I’m under no illusions about bitcoin at $20,000 or $21,000. I wouldn’t be surprised if it got to $10,000.