BTC’s sell-off is easing slightly, but traders are afraid that negative newsflow and future U.S. interest rate hikes could push the price lower.

Bitcoin's month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year. 

Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into midday on June 13 when BTC hit a low of $22,592.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several market analysts are saying about Bitcoin's move lower and whether this is the final capitulation event before the long-awaited price bottom.

Is there solid support at $23,000?

Previous instances of bear market capitulation have seen a solid level of support at Bitcoin’s 200-week moving average as shown in the following chart posted by market analyst and pseudonymous Twitter user Rekt Capital.

BTC/USD 1-week chart. Source: Twitter

Based on the trend from the last two cycles, Rekt Capital suggested that it's possible that BTC could see a “macro double bottom at the 200-week moving average” moving forward if the price action plays out in a similar fashion.

Rekt Capital said,

If so, then $BTC is very close to forming its first Macro Bottom at the 200-week MA at ~$23,000. The second Macro Bottom could form in about two years' time at a price point of ~$41,000.

Analysts say "max pain" is at $13,330

Insight into where Bitcoin could potentially be headed should it continue to break below the established support levels was provided by data from Whalemap, who posted the following chart highlighting the previously established support levels that could now flip to resistance.

Bitcoin realized price by address. Source: Twitter

Whalemap said,

#Bitcoin has broken through key realized price supports where they will likely become our new resistances. $13,331 is the ultimate max pain bottom.

In an extreme, Bitcoin could pullback to $8,000

According to Francis Hunt, a market analyst at The Market Sniper, Bitcoin price could drop to as low at $8,000 before hitting a real bottom. 

BTC/USD 1-day chart. Source: Twitter

Hunt said,

The accumulation points would be $17,000 to $18,000. This $15,000 comes out of the blue head and shoulders there, that would be a pretty nasty downturn, and there is a bear flag target, a little less strong on the bear flag target at $12,000, and a full round trip will take you back to our funnel at $8,000 to $10,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP