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The crypto market gives up its intraweek gains as Bitcoin seeks to hold crucial $20,000 support


June 17, 2022 · By MATheGooner
Bitcoin (BTC), Cardano (ADA), Ethereum (ETH)

The cryptocurrency market seemed to have reached a temporary bottom after  a brief relief bounce, but things have taken a new turn in the last 48 hours, with the price of Bitcoin plunging back near $20,000. 

Bitcoin has reversed direction since bouncing off the psychological support price level of $20,000 to north of $22,000, plummeting towards $20,000 once more, wiping away its intraweek gains. According to TradingView, Bitcoin (BTC) fell from $21,327 to $20,205 on Bitstamp on June 17.

The majority of other major cryptocurrencies are following in the footsteps of the flagship cryptocurrency. Ethereum, Solana (SOL), Polkadot (DOT), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Avalanche (AVAX) have all dropped in value in the last 24 hours. 

Bitcoin’s price has been moving in lockstep with the stock market, particularly tech stocks, which are currently back in the red after a brief respite. The traditional finance sector unexpectedly became optimistic after  the Federal Reserve said that it would keep rising interest rates.

The crypto market lost more than $70 billion it gained after the central bank announcement, continuing the heightened macro-driven volatility that had been prevalent with rising inflation and expectations of interest rate hikes in the United States.

The indecisiveness in market price action has resulted in both long and short orders being liquidated in similar ratios. Longs account for 54.03 percent of total liquidations, according to coinglass data.

51,874 traders around the cryptosphere liquidated their short positions, bringing the total amount liquidated to about $133.05 million in the past 24 hours.

The market has been exceedingly turbulent as Bitcoin fights to hold gains around the pivotal $20,000 support level. Analysts predict that prices will continue to decrease as Bitcoin strives to establish a bottom before surging once more.

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