Bitcoin heads towards $30,000 before a deep dive to $12,000
The BTC price finally gained a foothold above $20,000 — does that mean the bearish trend is over? No, this is only a rebound before the next dive. How deep could we go? BTCNEXT analysts have their own view — check it out!
15–28 June main events
- Three Arrows Capital is on the verge of bankruptcy. The Singapore-based hedge fund Three Arrows Capital (3AC), a major investor in the industry’s leading projects, has begun liquidating assets to cover its liabilities. In particular, the fund started converting stETH against the backdrop of Ethereum’s collapse to $1,000.
- Market decline affects Celsius. The crypto lending platform Celsius has suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions.” The project’s token reacted with a 50% drop.
- USDD stablecoin briefly loses its peg to USD. The algorithmic stablecoin USDD from Tron briefly lost parity with the US dollar and dropped to $0.97. The DAO sent 700 million USDC to protect the peg, but this did not help. On June 15, the rate fell to $0.95.
The weekly candle closed at $21,038. The Bitcoin price continues to stay above the support zone. Sentiment in the markets is mostly bearish. The Fear & Greed Index continues to stay at near-minimal values. The support zone coincides with the 0.786 Fibonacci level. Last week showed the first positive delta in 5 weeks. The bearish trend continues, RSI is in the bearish zone and the BTC price has consolidated under the MA200.
Negativity around 3AC is not subsiding and the fund is close to defaulting. US and EU regulators have taken up cryptocurrencies again. The funding rate is negative and open interest continues to decline. At the same time, the outflow of investments from the crypto market has increased, which indicates a weak interest from large players. Any upward movement in the current phase of the market is a rebound.
Such a deep fall cannot go without some correction. Given the absence of significant levels in the range of $20,000-$29,000, a correction to the resistance zone of $29,000-$32,000 is quite likely. If the global situation in the financial markets deteriorates, BTC could again fall well below $20,000. The bottom of the entire bear market is presumably at $12,000-$14,000.
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