{"id":493494,"date":"2022-06-20T14:24:13","date_gmt":"2022-06-20T14:24:13","guid":{"rendered":"https:\/\/wncen.com\/?p=493494"},"modified":"2024-06-11T14:20:43","modified_gmt":"2024-06-11T14:20:43","slug":"why-bitcoin-could-take-another-bite-at-17k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-could-take-another-bite-at-17k\/","title":{"rendered":"Why Bitcoin Could Take Another Bite At $17K"},"content":{"rendered":"<p>Bitcoin is back above $20,000 after seeing some relief during the weekend. The number one crypto by market cap dropped below its 2017 all-time high as selling pressure increased driven by the current macro-economic environment.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-derivatives-exchange-reserve-surges-btc-plunge\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge<\/a><\/strong><\/p>\n<p>At the time of writing, Bitcoin (BTC) trades at $20,500 with a 6% profit in the last 24 hours. The last seven days record a different story with a 24% loss.<\/p>\n<figure id=\"attachment_493514\" aria-describedby=\"caption-attachment-493514\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-493514 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-13.png?resize=860%2C376\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-493514\" class=\"wp-caption-text\">BTC sees relief on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>Former BitMEX CEO Arthur Hayes <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/03520768\" target=\"_blank\" rel=\"noopener nofollow\">claims<\/a> an institutional forced seller triggered the increase in selling pressure. An entity that was forced to liquidate its positions as BTC\u2019s price trended further downside.<\/p>\n<p>Hayes believes that Canada\u2019s Bitcoin Purpose Exchange Traded Fund (ETF) was potentially responsible for the downside price action. The investment vehicle is settled by physical BTC and,<a href=\"https:\/\/www.purposeinvest.com\/funds\/purpose-bitcoin-etf\" target=\"_blank\" rel=\"noopener nofollow\"> according to Purpose,<\/a> when a client buys the ETF, they are buying \u201creal Bitcoin\u201d.<\/p>\n<p>The former BitMEX CEO claimed he is unfamiliar with this ETF\u2019s redemption process. However, the investment vehicle appears to have dumped 24,500 BTC into the market, as seen below.<\/p>\n<figure id=\"attachment_493516\" aria-describedby=\"caption-attachment-493516\" style=\"width: 835px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-493516 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-7.jpg?resize=835%2C405\" alt=\"Bitcoin BTC BTCUSD\" width=\"835\" height=\"405\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-7.jpg?w=835 835w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-7.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-7.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-7.jpg?w=750 750w\" sizes=\"auto, (max-width: 835px) 100vw, 835px\"><figcaption id=\"caption-attachment-493516\" class=\"wp-caption-text\">Source: Arthur Hayes via Twitter<\/figcaption><\/figure>\n<p>This represents almost 50% of the ETF\u2019s assets, if the BTC was sold in a rush, it seems logical that Bitcoin lost support at around $20,000 and was forced to trade lower with the rest of the crypto market. Buyers showed up and absorbed the downside price action.<\/p>\n<p>This enabled Bitcoin to reclaim the $20,000 area and showed that Bitcoin gets bough quickly below these levels. Hayes said the following about the conditions that took BTC\u2019s price to fresh lows, and why it experienced relief:<\/p>\n<blockquote><p>Over the weekend, while the fiat rails are closed, $BTC dropped to a low of $17,600 down almost 20% from Friday on good volume. Smells like a forced seller triggered a run-on stops. After the sellers dumped their bags, the market quickly rallied on low volume.<\/p><\/blockquote>\n<h2>Why Bitcoin Could See More Pain<\/h2>\n<p>The initial reaction to the downside pressure was good, but as Hayes explained, it happened during a low weekend with low volume across exchange platforms. The crypto market could see BTC\u2019s price taking another swing at the lows. The former CEO said:<\/p>\n<blockquote><p>Given the poor state of risk management by cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the market figures out who is swimming naked.<\/p><\/blockquote>\n<p style=\"text-align: center\"><strong>Related Reading |\u00a0<\/strong><strong><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-recovery-stalls-21k\/\" target=\"_blank\" rel=\"noopener \">TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact<\/a><\/strong><\/p>\n<p>As this structure, which contributes to spikes in selling pressure, remains intact bears could continue pushing B\u2019C&#8217;s price down. In the meantime, long-term players have an opportunity to increase their holdings, Hayes concluded:<\/p>\n<blockquote><p>Is it over yet &#8230; I don\u2019t know. But for those skilled knife catchers, there may yet be additional opportunities to buy coin from those who must whack every bid no matter the price.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is back above $20,000 after seeing some relief during the weekend. The number one crypto by market cap dropped below its 2017 all-time high as selling pressure increased driven by the current macro-economic environment. Related Reading |\u00a0Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge At the time of writing, Bitcoin (BTC) trades at $20,500 with a 6% profit in the last 24 hours. The last seven days record a different story with a 24% loss. Former BitMEX CEO Arthur Hayes claims an institutional forced seller triggered the increase in selling pressure. An entity that was forced to liquidate its positions as BTC\u2019s price trended further downside. Hayes believes that Canada\u2019s Bitcoin Purpose Exchange Traded Fund (ETF) was potentially responsible for the downside price action. The investment vehicle is settled by physical BTC and, according to Purpose, when a client buys the ETF, they are buying \u201creal Bitcoin\u201d. The former BitMEX CEO claimed he is unfamiliar with this ETF\u2019s redemption process. However, the investment vehicle appears to have dumped 24,500 BTC into the market, as seen below. This represents almost 50% of the ETF\u2019s assets, if the BTC was sold in a rush, it seems logical that Bitcoin lost support at around $20,000 and was forced to trade lower with the rest of the crypto market. Buyers showed up and absorbed the downside price action. This enabled Bitcoin to reclaim the $20,000 area and showed that Bitcoin gets bough quickly below these levels. Hayes said the following about the conditions that took BTC\u2019s price to fresh lows, and why it experienced relief: Over the weekend, while the fiat rails are closed, $BTC dropped to a low of $17,600 down almost 20% from Friday on good volume. Smells like a forced seller triggered a run-on stops. After the sellers dumped their bags, the market quickly rallied on low volume. Why Bitcoin Could See More Pain The initial reaction to the downside pressure was good, but as Hayes explained, it happened during a low weekend with low volume across exchange platforms. The crypto market could see BTC\u2019s price taking another swing at the lows. The former CEO said: Given the poor state of risk management by cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the market figures out who is swimming naked. Related Reading |\u00a0TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact As this structure, which contributes to spikes in selling pressure, remains intact bears could continue pushing B\u2019C&#8217;s price down. In the meantime, long-term players have an opportunity to increase their holdings, Hayes concluded: Is it over yet &#8230; I don\u2019t know. But for those skilled knife catchers, there may yet be additional opportunities to buy coin from those who must whack every bid no matter the price.<\/p>\n","protected":false},"author":535,"featured_media":492469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-493494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Could Take Another Bite At $17K<\/title>\n<meta name=\"description\" content=\"Bitcoin is back above $20,000 after seeing some relief during the weekend, and could return to $17,000 or below, according to this expert.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Take Another Bite At $17K","url":"http:\/\/wncen.com\/news\/why-bitcoin-could-take-another-bite-at-17k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-could-take-another-bite-at-17k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-g4996291ec_1280.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-g4996291ec_1280.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-06-20T14:24:13Z","datePublished":"2022-06-20T14:24:13Z","dateModified":"2024-06-11T14:20:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Take Another Bite At $17K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-could-take-another-bite-at-17k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-could-take-another-bite-at-17k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-g4996291ec_1280.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-g4996291ec_1280.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-06-20T14:24:13Z\",\"datePublished\":\"2022-06-20T14:24:13Z\",\"dateModified\":\"2024-06-11T14:20:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/bitcoin-g4996291ec_1280.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/493494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=493494"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/493494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/492469"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=493494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=493494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=493494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}