In the words of Michael van de Poppe, “Magnificent fuckery going on today on crypto and Bitcoin”, that does seem to be the case as Bitcoin in the late hours of June 22, fell below $29,000 and created a new wave of panic in the market.
At the start of this year, BTC was at $29,400 and as the coin fell below that point, $24k was seen as the only strong support going forward.
For the coin to engage in a solid bull run, BTC will have to breach that level.
In another story, the dip confirmed the speculated head and shoulder formation as the fall helped establish an accurate neckline.
In an interesting development, Bitcoin’s present movement seemed to have negated the June 19 death cross’s effect.
The sudden burst of selling by short-term holders turned in favor of long-term holders as they started accumulating heavily.
He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.