{"id":494466,"date":"2022-06-29T17:00:46","date_gmt":"2022-06-29T17:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=494466"},"modified":"2024-06-11T11:58:08","modified_gmt":"2024-06-11T11:58:08","slug":"holding-back-the-bears-why-bitcoin-must-break-22500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/holding-back-the-bears-why-bitcoin-must-break-22500\/","title":{"rendered":"Holding Back The Bears: Why Bitcoin Must Break $22,500"},"content":{"rendered":"<p class=\"p2\">Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. This decrease in price has pushed the market further into the bear market. It still trades at very critical levels which will determine the movement for the next couple of weeks. These two main points are the support that formed at $20,000 and the 200-week moving average.<\/p>\n<h2 class=\"p2\">Bitcoin Turning Bearish?<\/h2>\n<p class=\"p2\">The price of bitcoin at the time of this writing is ranging towards $20,000 with drawdown. Being so dangerously close to this point is critical in the forecast for the price of bitcoin, and this is despite the fact that bulls have already formed support at $20,000.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/outflows-rock-bitcoin-as-institutional-investors-pull-the-plug-more-downside-coming\/\">Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">Another critical technical level is the 200-week moving average which the digital asset is currently trading below. Now, this is the first time in history that the price of BTC has ever fallen below the 200-day moving average, registering one of the most bearish trends ever recorded in the market. As such, there is now significant resistance mounting at the 200-week moving average which lies at an average of $22,500.<\/p>\n<p class=\"p2\">This makes $22,500 the point to beat if the digital asset has any hopes of reverting to a bull trend. However, resistance is building even below this point. This was seen at $21,500 over the last couple of days as bitcoin had failed to successfully beat this point.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/AcsdQPUm\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC price struggles to hold $20,000 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Additionally, the digital asset price falling below the 200-week moving average has triggered more sell-offs in the market. These sell-offs are apparent on centralized exchanges such as <a href=\"https:\/\/bitcoinist.com\/bitcoin-bearish-signal-coinbase-large-inflows\/\" rel=\"nofollow\">Coinbase which have recorded large inflows in the last couple of days<\/a>.<\/p>\n<h2 class=\"p2\">Sentiment Refuses To Budge<\/h2>\n<p class=\"p2\">The market sentiment surrounding bitcoin and other cryptocurrencies has been impressively negative in recent times. It has now spent the majority of the month of June in the <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" rel=\"nofollow\">extreme fear territory<\/a> as investors refuse to budge on their decisions to not move more funds into the market.<\/p>\n<p class=\"p2\">The same sentiment is resonating through institutional investors who have been pulling out of the digital market en masse. Even the decline in price to levels some would consider a \u2018discount\u2019 has not done much to combat this negative sentiment. Institutional investor outflows from bitcoin for the previous week had come out to $453 million.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-plugs-11-week-bleed-why-1500-may-be-on-the-horizon\/\">Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon<\/a><\/strong><\/em><\/p>\n<p class=\"p2\">Moreover, the interest in shorter-term positions in BTC is gaining more ground. This is evident in the attention that the ProShares Short Bitcoin has received in the last week. More than $18 million had flowed into the ETF in the first week alone.<\/p>\n<p class=\"p2\">Bitcoin is currently trending at $20,000 at the time of this writing. If continues on this trend, the next significant support is existent at $16,500 which could be a shock to the market.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from Bitcoinist, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. This decrease in price has pushed the market further into the bear market. It still trades at very critical levels which will determine the movement for the next couple of weeks. These two main points are the support that formed at $20,000 and the 200-week moving average. Bitcoin Turning Bearish? The price of bitcoin at the time of this writing is ranging towards $20,000 with drawdown. Being so dangerously close to this point is critical in the forecast for the price of bitcoin, and this is despite the fact that bulls have already formed support at $20,000. Related Reading |\u00a0Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? Another critical technical level is the 200-week moving average which the digital asset is currently trading below. Now, this is the first time in history that the price of BTC has ever fallen below the 200-day moving average, registering one of the most bearish trends ever recorded in the market. As such, there is now significant resistance mounting at the 200-week moving average which lies at an average of $22,500. This makes $22,500 the point to beat if the digital asset has any hopes of reverting to a bull trend. However, resistance is building even below this point. This was seen at $21,500 over the last couple of days as bitcoin had failed to successfully beat this point. BTC price struggles to hold $20,000 | Source: BTCUSD on TradingView.com Additionally, the digital asset price falling below the 200-week moving average has triggered more sell-offs in the market. These sell-offs are apparent on centralized exchanges such as Coinbase which have recorded large inflows in the last couple of days. Sentiment Refuses To Budge The market sentiment surrounding bitcoin and other cryptocurrencies has been impressively negative in recent times. It has now spent the majority of the month of June in the extreme fear territory as investors refuse to budge on their decisions to not move more funds into the market. The same sentiment is resonating through institutional investors who have been pulling out of the digital market en masse. Even the decline in price to levels some would consider a \u2018discount\u2019 has not done much to combat this negative sentiment. Institutional investor outflows from bitcoin for the previous week had come out to $453 million. Related Reading |\u00a0Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon Moreover, the interest in shorter-term positions in BTC is gaining more ground. This is evident in the attention that the ProShares Short Bitcoin has received in the last week. More than $18 million had flowed into the ETF in the first week alone. Bitcoin is currently trending at $20,000 at the time of this writing. If continues on this trend, the next significant support is existent at $16,500 which could be a shock to the market.\u00a0 Featured image from Bitcoinist, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":494472,"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":[428,86265,679,86266,1119,1144],"class_list":["post-494466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-200-week-moving-average","tag-bitcoin-price","tag-bitcoin-technical-level","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Holding Back The Bears: Why Bitcoin Must Break $22,500<\/title>\n<meta name=\"description\" content=\"Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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