Bitcoin Under Pressure, Testing $20,000 Support and Crypto Market Feeling the Heat
- Anu
- Jul 11, 2022
- 1 min read
The global cryptocurrency market cap is now below the $1 Trillion mark and trading lower at $914.15 billion, dropped around 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped marginally.
Bitcoin continued its decline on Monday, extending its weekend losses and falling over 4 percent over the past 24 hours.
Most of the crypto coins are trading in the red. Ether dropped 3 percent, while Binance Coin and Shiba Inu fell as much as 4 percent. Interestingly, most coins are not falling in the BTC pair.
Crypto traders are eagerly waiting for the latest US consumer price index reading, expected on Wednesday. The report could influence market expectations over the Federal Reserve's next move, at a meeting later this month.
Non-functional Japanese crypto exchange Mt. Gox's 150,000 bitcoin unlock in coming future is also making pressure in the market. Creditors of Mt. Gox could soon get repaid in Bitcoin for their 2014 losses when the exchange was hacked. Mt. Gox’s bankruptcy trustee currently holds 141,686 Bitcoin.
According to the post shared on Twitter by crypto analyst Pankaj Tanwar, Bitcoin managed to close in Green in the weekly candle but still far from the reversal signal of 200WMA.
RSI is at the historically lower level and looking for 200WMA to retest which is now at $20650 this week if $BTC manages to sustain above $19500.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This must not be treated as financial advice.