{"id":538123,"date":"2023-06-15T14:30:06","date_gmt":"2023-06-15T14:30:06","guid":{"rendered":"https:\/\/wncen.com\/?p=538123"},"modified":"2024-06-11T08:10:10","modified_gmt":"2024-06-11T08:10:10","slug":"bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall\/","title":{"rendered":"Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level"},"content":{"rendered":"

Bitcoin, the world’s largest crypto by market cap, is currently under pressure, as it broke the significant $25,000 mark in the last 24 hours. This development has spurred a sense of urgency among traders and market analysts who are bracing for a possible further dip in the value of Bitcoin (BTC)<\/a>. <\/span><\/p>\n

At the time of writing, BTC is trading at $24,872<\/a>. <\/span>The past week has been less than favorable for the cryptocurrency. The asset has plunged 4.2% in the past 24 hours, pushing its price to trade below $25,000. This downward trend has negatively impacted Bitcoin’s weekly performance, resulting in a 6% loss.<\/span><\/p>\n

Traders And Analysts Voice Concerns<\/span><\/h2>\n

Several traders and analysts have shared their predictions for the leading cryptocurrency in response to its downturn. Notably, a trader identified as Bluntz conveyed<\/a> that the critical test for Bitcoin would be to reclaim the $25,600 mark in the ensuing days.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment<\/a><\/div>\n

In another corner, a trader called Rekt Capital raised concerns<\/a> about a possible slide of Bitcoin’s price to lower $20,000. This prediction followed Bitcoin’s break below another weekly support level situated around $26,600.<\/span><\/p>\n

If Bitcoin faces rejection at this price point in the next few days, Rekt Capital posits that BTC will likely descend to the $20,000 level.<\/span><\/p>\n

Meanwhile, CryptoCon, another analyst, offered his perspective on the Bitcoin situation<\/a>. In his tweet<\/a>, CryptoCon pointed out an interesting correlation with the past, stating that Bitcoin found resistance at $31,000, which was also a key resistance level back in 2016.<\/span><\/p>\n

\"Bitcoin
Bitcoin MRVRV Z-Score. | Source: Cryptocon<\/a><\/figcaption><\/figure>\n

According to his analysis, not only did BTC meet rejection at this resistance level, but it also found support when the price broke below its current all-time high.\u00a0<\/span><\/p>\n

Bitcoin Latest Price Action<\/h2>\n

It is worth noting that Bitcoin has been in a notable bearish trend in the past week. The largest crypto asset by market capitalization has recorded a downward movement falling by more than 5% in the past 7 days. BTC has continued the downtrend over the past 24 hours, seeing a 4.2% loss<\/a>.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, BTC trades at $24,925 after moving slightly above $26,000 on Sunday. Bitcoin\u2019s trading volume<\/a> has spiked over the past 7 days from below $10 billion earlier this Monday to $14 billion in the past 24 hours, indicating massive trading activity, which could turn into a violent sell-off given its current price.<\/p>\n

However, the asset\u2019s market capitalization has seen a more than $30 billion loss in the past 7 days. BTC\u2019s market cap has plummeted from $518 billion last Thursday to $483 billion.<\/span><\/p>\n

Related Reading: Data Reveals Short-Term Bitcoin Holders Refuse To Sell Despite SEC Crackdown<\/a><\/div>\n

While the regulatory pressure on crypto has continued to intensify, it is important to note that these projections from these traders and market analysts offer a glimpse into the Bitcoin possible potential movements as the regulatory saga unfolds.<\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, the world’s largest crypto by market cap, is currently under pressure, as it broke the significant $25,000 mark in the last 24 hours. This development has spurred a sense of urgency among traders and market analysts who are bracing for a possible further dip in the value of Bitcoin (BTC). At the time of writing, BTC is trading at $24,872. The past week has been less than favorable for the cryptocurrency. The asset has plunged 4.2% in the past 24 hours, pushing its price to trade below $25,000. This downward trend has negatively impacted Bitcoin’s weekly performance, resulting in a 6% loss. Traders And Analysts Voice Concerns Several traders and analysts have shared their predictions for the leading cryptocurrency in response to its downturn. Notably, a trader identified as Bluntz conveyed that the critical test for Bitcoin would be to reclaim the $25,600 mark in the ensuing days.\u00a0 Related Reading: Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment In another corner, a trader called Rekt Capital raised concerns about a possible slide of Bitcoin’s price to lower $20,000. This prediction followed Bitcoin’s break below another weekly support level situated around $26,600. If Bitcoin faces rejection at this price point in the next few days, Rekt Capital posits that BTC will likely descend to the $20,000 level. Meanwhile, CryptoCon, another analyst, offered his perspective on the Bitcoin situation. In his tweet, CryptoCon pointed out an interesting correlation with the past, stating that Bitcoin found resistance at $31,000, which was also a key resistance level back in 2016. According to his analysis, not only did BTC meet rejection at this resistance level, but it also found support when the price broke below its current all-time high.\u00a0 Bitcoin Latest Price Action It is worth noting that Bitcoin has been in a notable bearish trend in the past week. The largest crypto asset by market capitalization has recorded a downward movement falling by more than 5% in the past 7 days. BTC has continued the downtrend over the past 24 hours, seeing a 4.2% loss. At the time of writing, BTC trades at $24,925 after moving slightly above $26,000 on Sunday. Bitcoin\u2019s trading volume has spiked over the past 7 days from below $10 billion earlier this Monday to $14 billion in the past 24 hours, indicating massive trading activity, which could turn into a violent sell-off given its current price. However, the asset\u2019s market capitalization has seen a more than $30 billion loss in the past 7 days. BTC\u2019s market cap has plummeted from $518 billion last Thursday to $483 billion. Related Reading: Data Reveals Short-Term Bitcoin Holders Refuse To Sell Despite SEC Crackdown While the regulatory pressure on crypto has continued to intensify, it is important to note that these projections from these traders and market analysts offer a glimpse into the Bitcoin possible potential movements as the regulatory saga unfolds. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"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":[428,1119,1144,6664,88428],"class_list":["post-538123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-market-analyst"],"acf":[],"yoast_head":"\nBitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level<\/title>\n<meta name=\"description\" content=\"Bitcoin, the world's largest crypto by market cap, is currently under pressure, as it broke the significant $25,000 mark in the last...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level","url":"http:\/\/wncen.com\/news\/bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"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","crypto","market analyst"],"dateCreated":"2023-06-15T14:30:06Z","datePublished":"2023-06-15T14:30:06Z","dateModified":"2024-06-11T08:10:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-on-shaky-ground-market-analysts-warn-potential-fall\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"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\",\"crypto\",\"market analyst\"],\"dateCreated\":\"2023-06-15T14:30:06Z\",\"datePublished\":\"2023-06-15T14:30:06Z\",\"dateModified\":\"2024-06-11T08:10:10Z\"}<\/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\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538123"}],"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\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=538123"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/538123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=538123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=538123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=538123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}