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Bitcoin dropped to $17,567 on June 18, its lowest level since November 2020. The drop below $20,000 was the first occasion in Bitcoin’s short history that it breached the all-time high made during the previous bull market cycle. Traders fear that if Bitcoin starts to trade below $20,000, it could lead to margin calls and forced liquidations. Jeffrey Gundlach, CEO of DoubleLine Capital, expects Bitcoin to drop to $10,000.

Some institutional investors seem to be dumping their positions in a hurry. Canada's Purpose Bitcoin exchange-traded fund (BTCC) and 3iQ CoinShares Bitcoin ETF,
have both witnessed massive liquidations in the past few days. BTCC’s holdings plunged from 47,818 Bitcoin to 23,307 Bitcoin between June 16 and June 17 while 3iQ’s stash reduced from 23,917 Bitcoin on June 1 to 12,668 Bitcoin on June 17.

We expected bulls to defend the $20,000 support but the bears had other plans. They pulled the price to $17,567 on June 18 but could not sustain the lower levels. This
suggests strong buying on dips. The BTC/USD pair rose back above $20,000 on June 19 but the buyers are struggling to build upon this recovery.

If the price turns down from the current level, it will suggest that bears have flipped the $20,000 level into resistance. That could increase the possibility of a drop to $17,567. If this level cracks, the next stop could be the support line of the descending channel near $16,000.

Conversely, if buyers sustain the price above $20,000, the pair could rally to the 20-day exponential moving average (EMA). This is an important level to watch out for.

If the price turns down from this level but rebounds off $20,000, it will suggest that buyers are attempting to form a higher low.

The bulls will then attempt to push the price toward the 50-day simple moving average (SMA). A break and close above this resistance could indicate a potential change in trend.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Globiance

- Brise Paradise

- LunaOne


- DC Pay

- Maxxer

- Asia Broadband

- Musicology

- Age of Zalmoxis

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