Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$25,000 eyed as bulls’ line in the sand
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD following stock markets downhill as the last week of June began.
At the time of writing, the pair traded below $21,000, having hit its lowest in three days after a broadly stable weekend.
Amid a general lack of bullish conviction among traders, expectations for a further drop stayed present, with Bitcoin still below the crucial 200-week moving average (WMA) at $22,430.
“Bitcoin says NO against $21K support. That’s all fine. We have got levels structured,” Cointelegraph contributor Michaël van de Poppe wrote in a Twitter debate on the day.
A further post argued that further lows would come in order to entice traders to open long positions. Support lay at $20,325 and around $20,100, and should neither hold, a dip toward $19,000 could result.
Fellow trader and analyst Credible Crypto meanwhile laid down the requirements to be sure that this month’s $17,600 lows would not be challenged. For him, a trip to the low $30,000 range would need to ensue.
“If we manage to reclaim $25,000, push up to the low $30,000s — $28, 29, 30,000 — at that point, I don’t think we’re going to see new lows,” he said in a video update.
“So if we’re going to see new lows, I’d expect it to happen before we reclaim $25,000.”
Bitcoin remained on track to close its first month ever under the 200WMA on the day, singling out the current bear market among previous ones.
BTC/USD 1-week candle chart (Bitstamp) with 200WMA. Source: TradingView
BTC drains from exchange wallets
Meanwhile, evidence of investors buying the dip continued to mount.
After whales made the headlines for adding coins around $20,000, exchanges more broadly saw major decreases in BTC supplies in recent days.
According to data from on-chain analytics firm Glassnode, June 26 saw the largest cumulative change in BTC not kept on exchanges.
The 30-day average change in supply kept on exchanges was down 153,849 BTC as funds moved elsewhere.
Bitcoin exchange net position change chart. Source: Glassnode
As Cointelegraph reported, metrics such as the Mayer Multiple continue to show the potential for outsized gains by buying BTC at current levels.
Source: Cointelegraph
