BTC price rejects $20K for a poor weekly closing

As Bitcoin's ancient multi-year barrier level returns with a fury, it feels like 2018 all over again.

On June 19, Bitcoin (BTC) sought to retake $20,000 as support as bulls faced a $7,000 weekly red candle.

btc

$16,000 is being considered for a possible next step.

According to Cointelegraph Markets Pro and TradingView data, BTC/USD rose from a low of $17,592 on Bitstamp before being strongly rejected at $20,000.

Hodlers had a bad weekend as the largest cryptocurrency sank to levels not seen since November 2020 due to low liquidity trading circumstances.

While the market recovered some of its losses, a feeling of déjà vu dominated the day. $20,000 had resurfaced as barrier, having served as an all-time high for Bitcoin from December 2017 to December 2020.

It was also the first time BTC/USD has fallen below the all-time high of a prior halving cycle.

While some panicked, experienced market players remained generally aware of recent price behavior, which nevertheless conformed to previous bear market trends.

"To put things in perspective, a Bitcoin drop of 74% right now is nothing out of the ordinary," noted market observer Holger Zschaepitz.

"In history, there have already been 4 collapses in which the leading cryptocurrency went from peak to trough by >80%."

In terms of what lies ahead, $17,000 has been identified as a possible short-term aim. As prominent Twitter account Credible Crypto pointed out, a brief squeeze higher was not on the program.

Meanwhile, another trader and researcher Rekt Capital stated that Bitcoin's 200-week moving average (MA), a crucial support line in bad markets, was still operational.

Coins are being sold at a historic loss by sellers.

However, at roughly $7,000, the week's red candle was poised to be one of the biggest in Bitcoin's history in currency terms.

BTC price

According to data from the on-chain monitoring tool Coinglass, June 2022 is shaping up to be the worst on record, surpassing even 2013.

According to data from on-chain analytics startup Glassnode, more BTC was sold at a loss in the three days leading up to June 19 than at any previous time in history.

Additional worries centered on the financial viability of Bitcoin miners. Not everyone, however, thought that network participants were feeling the strain to the point of submission.

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