BTC/USD Elects Stops Below 17787: Sally Ho's Technical Analysis 20 June 2022 BTC

Bitcoin (BTC/USD) extended its extremely negative technical sentiment early in the Asian session as the pair tried to stage a small recovery after printing as low as the 17567.45 area, its weakest showing since November 2020.  Stops were elected below the 17787.51 level during the ongoing selling pressure, a very important technical area that represents the 50% retracement of the appreciating historical range from 3858 to 31717.02.

Timeline of Bitcoin

Cryptocurrency Bitcoin (CRYPTO: BTC) plunged to $17,708.62 on Saturday, and began retracing its way back to $20,000 on Sunday. BTC rose by 4.20% in 24 hours and was trading at $19,807 at the time of publication.

Key takeaways: El Salvador's President Nayib Bukele has advised crypto traders to stop looking at the Bitcoin chart and enjoy life. President Bukele also reassured Bitcoin holders that their investment is safe and its value will immensely grow after the bear market.

JPMorgan has stated that despite its recent dip, bitcoin is heavily undervalued. The company believes the asset will likely rise by 28 percent in the coming weeks or months, and executives are placing their hopes on $38,000.

A closely tracked crypto strategist is mapping out how Bitcoin could carve a bear market bottom this year as BTC trades below $20,000. In a strategy session, Kevin Svenson tells his 69,000 YouTube subscribers that he sees Bitcoin bottoming out around the $17,000 to $18,000 level before igniting a relief rally to above $30,000. “The The post Here's How Bitcoin (BTC) Could Generate a ‘True' Bottom, According to Analyst Kevin Svenson appeared first on The Daily Hodl.

Bitcoin price analysis is bearish today as we have seen further lows tested at $18,000 yesterday and a quick reaction back to retest the $20,000 previous support as resistance earlier today. Therefore, BTC/USD should be ready to continue even lower over the next week, with the next target to the downside being the $16,000 mark.

The One-Month consolidation in Bitcoin(BTC) price ended on a bearish note as sellers breached the $28000 on June 12th. Amid the Last week's crypto crash, the coin price marked a new 2022 low at $17708.

Not long ago, an article was featured online that talked about how much crypto has crashed since Biden entered the White House. While Biden oversaw heavy gains during his first year in office – the price of bitcoin rose to about $68,000 just seven months ago – his second year is turning out to be.

Bitcoin's price is currently testing the 2017 all-time high range between $17K and $20K and is constantly shadowing lower prices, indicating excess pressure from sellers. Yesterday BTC recorded a new 18-month low of $17.6K and quickly recovered to $20K in the following hours.

It's been a week of polarizing opinion in crypto news. Whether it's cryptocurrency fund managers predicting $100K bitcoin by the end of the year, Peter Schiff saying things “will only get worse as the recession deepens,” or Bill Gates slamming crypto and NFTs, citing the Greater Fool Theory, there's been no shortage of spicy debate

Binance has brought around 101,266 bitcoins while the price of Bitcoin is hitting its low, this morning. The price of the world's largest cryptocurrency slumped down to its lowest price of the year.