Bitcoin Down To $20,200, On The Way To $18k Support

Bitcoin

Bitcoin price has moved according to our previous prediction. The coin has lost 11% in the past 24 hours, dropping to $20,230 on June 15, 2022. On the weekly chart, the cryptocurrency is down by 33%, having dropped from $30,430, 7 days ago.

Bitcoin price reflects the general market sentiment which has seen investors panic as the price of the digital currency continues to plummet. At this price, the coin is about testing the $18,000 support zone it last breached on December 14, 2020.

Daily Losses in BTC Price Over The Week

Bitcoin 7 days chart

Bitcoin traded around $30,430 on June 8. Since then it has lost value on a daily basis which has accumulated to losing one-third of its value since then. By June 9, the coin had dropped to $30,369, a loss of 0.2%. The following day, June 10, Bitcoin lost 1% dropping to $30,056. A further loss of 2.7% on June 11 brought the value of Bitcoin to $29,259. By June 12, the coin had dropped to $28,623, a 2.2% loss. On June 13, a further loss of 4.8% brought it to $27,277. In that 24 hour span, the coin lost $1,346.

Biggest One Week Drop in Value

By the following day of June 14, the coin had dropped to $22,999, the $4,278 drop is a loss of 15.7%. At the beginning of June 15, Bitcoin had already lost 6.3% dropping to $21,539. At the time of filing this report at 11.30 AM, Paris time, the coin had lost 6.3%, currently trading at $20,181.

Market Capitalization Drop

Bitcoin market capitalization is down to $385 billion, losing 10% of its value in 24 hours. The trading volume is down by 36% to $44 billion.

The general coin market is down from $948 billion to $863 billion, a 9% drop, while the total market volume has dropped from  $146 billion to $99 billion, a 32% drop.

Market Indicators

Bitcoin 4H chart

The 10-days moving average indicator shows that BTC is still on a down trend. The same is applicable to the 21-days and 50-days moving averages. The Relative Strength Index (RSI) of 19 shows that Bitcoin is very oversold and there ought to have been a reversal under normal circumstances. Since we have not seen this, it is evident of a low market sentiment.

Bitcoin Price Prediction

It is important to know that the current $20k zone is an important support zone. It is also a demand zone where buyers are likely to come in if the support holds. However, it doesn’t look as if there is enough volume to push the coin higher. The chart shows that the price of Bitcoin is moving down a descending channel. This should bring the price down to the $18,000 zone in the next few hours or days.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

Leave a Reply