Bitcoin on June 17, 2022 – Dismal rest before the weekend

A bit of respite – The price of Bitcoin (BTC) stays around $20,000. Floor price forecasts below this level are multiplying.

This Bitcoin price analysis is brought to you in collaboration with the Traditiong du Coin and its algorithmic trading solution finally accessible to individuals.

Bitcoin price: final barrage at $14,000

Bitcoin price drops to around $20,250 on Bitfinex today, June 17, 2022. Cryptocurrency trades at $20,529 at the time of writing this article. The markets are currently entitled to a doji.

The $20,000 thus continues to hold. Markets are still searching for the bottom, after a capitulation whose speed apparently surprised some analysts and traders.

Analyst Venturefounder, for example, expected the $20,000 capitulation to take longer. However, he cites the economic factors explaining relatively high speed of this fall:

  • liquidation of shares;
  • quantitative tightening;
  • the difficulties encountered as crypto players Three Arrows Capital “shed their assets”.

Considering these factors, Venturefounder has shared its near-term forecast for Bitcoin price.

The $20,000 would now be, according to the analyst, the new $30,000 “worst-case scenario”. For Venturefounder, the $14,000 further constitute the “most bearish downside target” for Bitcoin price.

Publication by Venturefounder – Source: Twitter

And while the price of the cryptocurrency might drop below that level, it wouldn’t stay there “for a significant period of time.”

And more key media to watch

The Whalemap analyst has identified major support areas, looking at areas of high whale concentration. Bitcoin price would benefit from a support at $19,000, $16,000 and $14,000.

Bitcoin price: key supports formed by BTC whales
Publication of Whalemap – Source: Twitter

Whalemap and Venturefounder therefore agree on the existence of an important support zone at $14,000.

But despite the strong bearish context that prevails, some traders still issue bullish forecasts.

Crypto trader Ed thus expects a winning back the $23,000 in the next few days. He forecasts a decline in the US dollar (DXY), a drop that should give risk assets a break.

Respite with recovery from $23,000 for Bitcoin
Publication of Crypto Ed – Source: Twitter

The support levels that can finally stop the current hemorrhage on the markets are becoming clearer. While waiting for the final drop, traders can console themselves by repeating that a real bullish recovery is conditioned by yet another drop.

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