Bitcoin price limps under $20K as Asia extends global stocks weakness

cointelegraph.com:

Bitcoin (BTC) returned under $20,000 on June 29 as analysts stayed hopeful of a trip higher.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it crossed below the $20,000 mark for the first time in nearly a week in Asian trading hours.

The weakness followed rangebound behavior near $21,000, this characterizing a market still in tune with moves in global equities.

The S&P 500 had finished its previous session down 2%, while the Nasdaq Composite Index lost 3%. On the day, Hong Kong’s Hang Seng was likewise 2.1% lower, while China’s Shanghai Composite Index traded down 1.4%.

With few bullish cues coming from macro, Bitcoin thus had little stopping it from revisiting the lower end of a range in place for several weeks.

“Bitcoin is giving that correction, was anticipating a potential low at $20.3K,” Cointelegraph contributor Michaël van de Poppe wrote in part of his latest Bitcoin-focused Twitter update.

Zooming out, other sources were still optimistic about the potential for an assault on resistance further up.

For on-chain analytics resource Material Indicators, this could still come in the form of challenging the 200-week moving average, a key bear market support level, which had begun to function as resistance in June.

Trend Precognition is flashing a pretty strong Long signal on the #BTC Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA pic.twitter.com/hvs1as44qG

Focusing on macro, commentators argued that with little certainty about economic strength available, risk assets such as crypto would continue to suffer on longer timeframes.

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