Crypto Market Struggles as Bitcoin Tests USD 20K, Analysts Warn of Further Downside, 3AC Liquidation Reportedly Ordered - Aliens: AI Crypto News & Markets Updates
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Crypto Market Struggles as Bitcoin Tests USD 20K, Analysts Warn of Further Downside, 3AC Liquidation Reportedly Ordered

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Cryptonews

Wed, Jun 29, 2022

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Writing in a market update on Tuesday, analysts at Arcane Research said that bitcoin has seen “a slow week,” with the coin underperforming altcoins such as ETH and BNB, and even the S&P 500 stock index over the past seven days.

Lastly, the market update also pointed to the current implied volatility (IV) in the bitcoin options market as a sign that traders are “still prepared for another volatility uptick.” This is notable given that bitcoin for the past week has remained relatively calm just above the USD 20,000 level, after seeing increased volatility the week before.

Similar warnings were also given in the latest report from the on-chain analysis firm Glassnode, which noted that “Almost all macro indicators for Bitcoin, ranging from technical, to on-chain are at all-time lows.” It added that this is “coincident with bear market floor formation in previous cycles.” Still, the firm argued that it is likely that these indicators and models will be “put to the test” given the current macroeconomic environment.

However, he added that “at this point, the chances of a successful retest appear higher.” Commenting on the current situation in the bitcoin market from a technical analysis perspective, Mark Newton, technical strategist at Fundstrat Global Advisors, said in a private note cited by Bloomberg that the risk of further declines has increased.

"The initial warning should occur on a daily close under [USD] 20,491, while under [USD] 19,744 allows for a pullback to retest [USD] 17,592," said the strategist, noting that, technically "not much lies under [USD] 17,592 before [USD] 12,500 to [USD] 13,000, which I expect should be an excellent place for intermediate-term buyers to add to longs." He concluded that, “Any move down to test or briefly undercut June lows presents an opportunity [to buy].” ____ Learn more: - Mike Novogratz Now Admits That Terra's Model Was Unsustainable - CEL Token Soars as Celsius Shareholder Proposes Recovery Plan, Celsius Pays Compound - Smaller Exchanges Could Fall Due to Confusing ‘Web of Relationships’, Report Warns - Bitcoin Lifeboat, Long Recovery Road, & Exaggerated BTC Deaths: Saylor, CZ, and Professor Weigh In - Nexo Eyes Potential M&A Targets as Crypto Market in ‘State of Fear’ - Don’t Fear the Reaper: Why the Market Downtrend Is Good for Crypto

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