Bitcoin (BTC) noticed a dramatic change of temper into June 22 as multi-day highs gave strategy to a recent dive underneath $20,000.

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

BTC might see accumulation under key trendline

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD abruptly halting its newest good points to hit lows of $19,947 on Bitstamp.

The most important cryptocurrency had passed $21,700 the day before, its finest efficiency since June 16, however momentum waned throughout Wall Road buying and selling.

For fashionable dealer and analyst Rekt Capital, there was hazard in BTC/USD being unable to reclaim its 200-week transferring common (MA).

As a classic support line in earlier bear markets, Bitcoin had previously retained the 200-week MA as assist with wicks under it characterizing macro worth bottoms.

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“If BTC can’t reclaim the 200-week MA as assist… Then one of many eventualities of what might occur would contain draw back to new lows earlier than the formation of an Accumulation Vary for the primary time under the 200-week MA,” he warned.

The 200-week MA stood at $22,420 on the time of writing.

BTC/USD 1-week candle chart (Bitstamp) with 200-week MA. Supply: TradingView

Fellow dealer Credible Crypto was extra optimistic on the short-term perspective, telling Twitter followers that he didn’t foresee spot worth going a lot decrease.

Zooming out, Crypto Tony, likewise, highlighted the “demand zone” that BTC/USD was now appearing in.

“On the macro we are able to see a number of issues right here. We broke down clearly from a distribution vary. We at the moment are testing the primary demand zone from this vary. A response is predicted, however not a backside but for my part,” he tweeted:

“A wick right down to $17k – $15k on the playing cards.”

Whales look to cut back BTC publicity

For the most important BTC hodlers, in the meantime, indicators of change have been already seen in on-chain information.

Associated: That’s not hodling! Over 50% of Bitcoin addresses still in profit

According to on-chain analytics agency Glassnode, on June 20 and 21, Bitcoin whales deposited over 50,000 BTC to exchanges. This adopted 58,000 BTC in inflows on a single day on June 13.

Total inflows from whale wallets thus remained elevated on an intraday foundation, whereas nonetheless not matching the degrees seen throughout some earlier sell-offs.

On Could 9, for instance, the identical group despatched over 80,000 BTC to trade accounts, probably the most since March 2020.

Bitcoin whale trade deposits chart. Supply: Glassnode

As Cointelegraph reported earlier this week, whale patrons in the meantime created a possible main assist stage simply above $19,000.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a call.