Bitcoin (BTC) starts a new week still battling for $20,000 support as the market takes in a week of severe losses.
What felt all but impossible just weeks ago is now reality as $20,000 — the all-time high from 2017-2020 — returns to give investors a grim sense of deja vu.
Bitcoin dipped as low as $17,600 over the weekend, and tensions are running high ahead of the June 20 Wall Street open.
While BTC price losses have statistically been here before — and even lower — concerns are mounting for network stability at current levels, with attention particularly focused on miners.
Add to that the consensus that macro markets have likely not bottomed and it becomes understandable why sentiment around Bitcoin and crypto is at record low levels.
Cointelegraph takes a look at some major areas of interest for hodlers when it comes to Bitcoin price action in the coming days.
Bitcoin rescues $20,000 on weekly chart
At $20,580, Bitcoin’s latest weekly close could have been worse — the largest cryptocurrency managed to retain a key support level at least on weekly timeframes.
The wick below stretched $2,400, however, and a repeat performance could heighten the pain for those betting on $20,000 forming a significant price level.
Overnight, BTC/USD reached highs of $20,629 on Bitstamp before returning to consolidate immediately below the $20,000 mark, indicating that on lower timeframes, the situation remains precarious.
Think prices should run up a lot now, punishing panic sellers and forced sellers. Recovering at least half the drop from two Fridays ago (CPI day). I want to see a fast reaction up from here next couple of days. The best rallies are those that don’t give laggards an entry.
— Alex Krüger (@krugermacro) June 19, 2022
While some call for a snap recovery, the overall mood among commentators remains one of more cautious optimism.
“Over the weekend, while the fiat rails are closed, $BTC dropped to a low of $17,600 down almost 20% from Friday on good volume. Smells like a forced seller triggered a run on stops,” Arthur Hayes, ex-CEO of derivatives trading platform BitMEX, argued in a Twitter thread on the day.
Hayes postulated that the recovery came as soon as those forced sales ended, but more sell-side pressure may still come.
“Is it over yet … idk,” another post read.
“But for those skilled knife catchers, there may yet be additional opportunities to buy coin from those who must whack every bid no matter the price.”
The role of crypto…
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