Bitcoin price dips under $21K while exchanges see record outflow trend
Bitcoin (BTC) sold off into the June 27 Wall Street open as United States equities fell.
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.
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.
Meanwhile, evidence of investors buying the dip continued to mount.
Related: Google users think BTC is dead — 5 things to know in Bitcoin this week
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
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