Bitcoin Loses $20,000 Base as Crypto Market Bloodbath Persists

Updated:

Bitcoin (BTC) and the crypto market are in a race to the bottom as waves of sell-offs continue to erode massive value from the industry. The last 24 hours have been one of turmoil for the crypto market, with liquidations running in the hundreds of millions.

BTC surrendered the critical $20,000 base yesterday, slumping to the $17,580 low, a point not seen since late 2020. Altcoins fared even worse, with most tokens losing double-digit figures. Ethereum lost the critical $1,000 support on Saturday as sellers dumped the largest altcoin to the $880 level.

Reports show that the entire crypto market lost over billion 100 (about 12%) to the sell-off, as the market valuation breached the $800 billion low.

Leveraged traders were the biggest losers in the recent bear wave, with Coinglass reporting that the number of liquidated traders is over 160,000 in the last 24 hours alone. The on-chain analytics platform revealed that these leveraged traders lost over $600 million, with the highest single liquidation occurring in Bitmex of $7.5 million (an ETH/USD trade).

Meanwhile, Coinglass noted that Bitcoin liquidations accounted for about 50% of all losses with $300 million, while Ethereum came at a close second with $200 million.

Key Bitcoin Levels to Watch — June 19

Bitcoin collapsed below the $20,000 support base over the weekend amid heightened volatility as inflation fears persisted. As mentioned earlier, the flagship cryptocurrency slumped to the $17,580 low before retracing to the $20,000 region shortly after.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

At press time, BTC rapidly approaches the $21,000 mark after resurfacing above $20,000 on several attempts. Already, the 4-hour stochastic indicator shows that the price recovery to the mid-$20,000 zone has put the primary cryptocurrency in overbought conditions. That said, a retest of the $17,500 area and a bearish continuation towards the $16,000 zone could emerge in the coming week.

Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,000, $19,000, and $18,000.

Total Market Capitalization: $901.3 billion

Bitcoin Market Capitalization: $392.3 billion

Bitcoin Dominance: 43.3%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.