Bitcoin (BTC) saw a dramatic change of mood into June 22 as multi-day highs gave way to a fresh dive under $20,000.
BTC could see accumulation below key trendline
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly halting its latest gains to hit lows of $19,947 on Bitstamp.
The largest cryptocurrency had passed $21,700 the day before, its best performance since June 16, but momentum waned during Wall Street trading.
For popular trader and analyst Rekt Capital, there was danger in BTC/USD being unable to reclaim its 200-week moving average (MA).
A classic support line in previous bear markets, Bitcoin had formerly retained the 200-week MA as support with wicks below it characterizing macro price bottoms.
“If BTC can’t reclaim the 200-week MA as support… Then one of the scenarios of what could happen would involve downside to new lows before the formation of an Accumulation Range for the first time…
