Bitcoin (BTC) attempted to reclaim $20,000 as support on June 19 as bulls faced a $7,000 weekly red candle.
$16,000 eyed for possible next move
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising from lows of $17,592 on Bitstamp before being firmly rejected at $20,000.
Low-liquidity trading conditions had made for a grim weekend for hodlers as the largest cryptocurrency fell to levels not seen since November 2020.
While recovering some losses, a sense of deja vu pervaded the market on the day. $20,000 had returned as resistance, this having formed an all-time high for Bitcoin for three years from December 2017 to December 2020.
It was also the first time that BTC/USD had retreated under a previous halving cycle’s all-time high.
There’s a first first everything. This is the first time Bitcoin has traded below prior cycle highs. I think it’s fair to say things are different now.
As a sign of investor pressure resulting from spot price performance, more BTC was sold at a loss in the three days to June 19 than at any other time, according to figures from on-chain analytics firm Glassnode.
Additional concerns focused on the financial buoyancy of Bitcoin miners. Not everyone, however, agreed that network participants were feeling the pinch to the extent that capitulation would result.
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