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The ‘fool’ can go under $ 10K to defy the price of bitcoin – Analysis

Bitcoin (BTC) saved $ 20,000 for another day on June 23, and calls for a 20% drop are still emerging.

BTC / USD 1-Hour Candle Chart (Bitstamp). Source: Trading View

Bitcoin under $ 10,000 is not impossible

Data from Cointelegraph Markets Pro and TradingView have shown that the BTC / USD has exceeded the $ 20,000 mark for up to 24 hours of writing time.

As usual, the behavior reflects movements in the United States equity markets, which are flat in the day.

Federal Reserve President Jerome Powell’s comments provided only brief volatility. Cointelegraph noted that Powell’s congressional testimony provided no new information on macro policy.

Likewise, crypto interpreters adhere to previous assertions – the outlook is uncertain, but the potential fresh drawdown includes a trip to just $ 16,000.

“Consolidating $ BTC broadly and then moving up. MDD (maximum drawdown) is not as big as 20%,” says Ki Young Ju, CEO of On-Chain Analytics Platform CryptoQuant, Has been written In the Twitter post section.

Qi retweeted the analysis from crypto’s popular account Il Capo, whose BTC takeaways have long called for a price cut.

In a separate post, Ki Claimed “Most Bitcoin Cyclic Indicators Are Saying the Bottom” and lowering the BTC at the current level is a bad suggestion.

“Not sure how long it will take to consolidate this range. It’s not good to open a big small position here unless you think $ BTC is going to zero,” he wrote.

However, to monitor resource material indicators, there was reason to take a higher risk.

“At this point, nobody can be sure if BTC will hold this range or it will go up again to the $ 10K price level, but it is foolish not to have a plan for that possibility,” he tweeted. Argued.

“Never age in crypto. Plan accordingly.”

The Fed does not plan a “de-covid” balance sheet

In fresh macro news, rising pressure on the eurozone came in the form of increasing natural gas prices in view of a dwindling supply.

Related: Bitcoin Hodler data hints that BTC price is ‘really close’ – Analysts

In the United States, meanwhile, Powell made new comments on the Fed’s monetary tightening policy.

The Central Bank’s balance sheet reduction, he said in comments Reported From media sources at the time of writing, it is now projected to shave up to $ 3 trillion in a $ 9 trillion property purchase.

Since February 2020, the Fed’s balance sheet has reached $ 4.8 trillion, which is well above its pre-epidemic level even after the downturn.

Federal Reserve Balance Sheet Chart (screenshot). Source: Federal Reserve

Balance Sheet of the European Central Bank, meanwhile, Hit This week’s all-time high despite rampant inflation.

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.