Bitcoin whale support lines up as trader says $14K ‘most bearish’ BTC price target

Bitcoin (BTC) survived one other night time with out breaking $20,000 on June 17 as $14,000 cemented itself as a possible backside stage.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer plans to go “all in” on BTC at $14,000

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD dipping to $20,220 on Bitstamp in a single day earlier than rebounding as much as $1,200 larger.

The pair remained skittish however inside a slim vary as market individuals waited to see how lengthy $20,000 would maintain.

The image was sophisticated by rising issues over funding fund Three Arrows Capital and others, as rumors claimed the previous was looking for a bailout after it failed to meet margin call obligations.

As Cointelegraph reported, contagion expressed itself across institutional investment products including the Grayscale Bitcoin Trust (GBTC).

Analyzing the “worst-case state of affairs,” in the meantime, in style analyst Venturefounder started to place extra religion in $14,000 — an 80% drawdown from present $69,000 all-time highs.

“Worst case state of affairs, imo, $20k BTC is the brand new $30K,” one in every of two tweets on the subject acknowledged.

“The pace of the $20k capitulation shocked me slightly, thought it could have taken longer to occur. However understanding the macro narrative (shares sell-off, QT taking away liquidity, enormous gamers like 3ac dumping), it is sensible.”

A second post concluded:

“That being said, I hold my most bearish BTC downside target to be $14k, even if it goes lower, I don’t think it would stay lower for any meaningful period of time. I’m buying on the way down, but $14k = ALL IN Bitcoin for me, I will sell everything I own and put into BTC.”

Between current spot price and that target lay areas where whales had purchased significant amounts of BTC in the period immediately after the March 2020 COVID-19 market crash.

As on-chain monitoring resource Whalemap noted, these potential “bubbles” of support lay at $19,000, $16,000 and $14,000, respectively.

As Cointelegraph reported, different BTC worth backside predictions run as little as $11,000.

DXY weak point may ship Bitcoin to $23,000

On macro, modest good points for United States equities on the Wall Avenue open took a again seat to an unwelcome rebound in U.S. greenback energy.

Associated: These 3 metrics recommend the Bitcoin worth crash just isn’t over

The U.S. greenback index (DXY), having come off its latest two-decade highs, returned with a vengeance to offer no respite to risk assets on the day. 

At the time of writing, DXY traded near 105 while continuing to rise, up from intraday lows of 103.5.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Nonetheless, popular trader Crypto Ed still expected the week’s highs to remained unchallenged and for DXY to head lower once again. This, he told Twitter followers, should allow BTC/USD another shot at $23,000.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a call.