Bitcoin (BTC) saw a dramatic change in mood on June 22 as a multi-day high of $ 20,000 gave way to a fresh dive.
You can see BTC storage below the main trendline
Data from Cointelegraph Markets Pro and TradingView show BTC / USD abruptly cutting its recent gains in Bitstamp to $ 19,947.
Biggest cryptocurrency crossed $ 21,700 the previous day, its best performance since June 16, but momentum waned during Wall Street trading.
The popular trader and analyst Rect Capital was at risk of not being able to recover its 200-week moving average (MA) on BTC / USD.
A classic support line in former bear markets, Bitcoin has previously represented the 200-week MA with macro pricing bottles in support of its lower vix.
“If the BTC 200-week MA cannot be withdrawn in support … then a scenario of what would happen would involve the issue of new reductions before the formation of the accretion range for the first time over the 200-week MA,” he said Warned.
At the time of writing the 200-week MA was $ 22,420.
Co-trader Credible Crypto is more optimistic in the short-term view, saying he did not expect the spot price for Twitter followers to fall much further.
For the past few days we have been re-visiting our weekly demand levels after bouncing. Not expecting new local lows here- we’re looking to hold the green area and put another local high in the area of RED resistance between 22-24k. $ BTC pic.twitter.com/F79eokL5W6
– CrediBULL Crypto (@CredibleCrypto) June 22, 2022
Zoom out, Crypto Tony has similarly highlighted the “demand zone” where BTC / USD is now operating.
“We can see some things here in the macro. We are clearly broken from the distribution range. We are now testing the first demand sector from this range. A response is expected, but in my opinion there is no bottom yet, ”he added Tweeted.
“$ 17k on cards – $ 15k per wik down.”
Whales look to reduce BTC exposure
For large BTC huddlers, meanwhile, signs of change are already visible in the on-chain data.
RELATED: That’s Not Hodgling! More than 50% of Bitcoin addresses are still profitable
On June 20 and 21, bitcoin whales deposited more than 50,000 BTC on exchanges, according to on-chain analytics firm Glassnode. It followed 58,000 BTC inflows in a single day on June 13.
Overall inflow from whale wallets is on an intraday basis, but does not match levels seen at some previous sell-offs.
For example, on May 9, the same group sent 80,000 BTC to exchange accounts, the most since March 2020.
As Cointelegraph reported earlier this week, whale buyers, meanwhile, have generated a major support level of more than $ 19,000.
The opinions and opinions expressed herein are those of the authors and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and business move involves risk, you must conduct your own research when making a decision.