BTC price movement must rebound the $29,500 level to prevent continuing its weekly pattern of lower lows.
Bitcoin (BTC) fell to two-week lows on June 11 as conservatives took control of the Wall Street market.
Rising print of inflation in United States seems to be a setback
The duo had plummeted in lockstep with financial markets on June 10, with the S&P 500 and Nasdaq Composite both losing 2.9% and 3.5%, accordingly.
It was in reaction to exceptionally strong growth numbers from the U. S., which varied significantly from predictions.
Whenever it came to future BTC price action, industry analysts were so solidly on the pessimistic side.
“When Bitcoin falls to $22,000 – $24,000, they will demand cheaper prices.” “When the time comes, don’t be too greedy,” renowned Twitter handle Crypto Tony advised supporters.
However, Filbfilb, co-founder of trading platform Decentrader, compared the current situation to the March 2020 COVID-19 crash. He claimed that this year’s slow loss was more devastating than the “car crash” price declines that pushed Bitcoin down $3,600 at the time.
“Inflation hasn’t peaked, and neither has Bitcoin,” MicroStrategy CEO Michael Saylor said after the results were released.
“It doesn’t matter how many charts demonstrate convergence that we are hitting historically oversold levels in the present macro background,” prominent Twitter account PlanC replied.
Nevertheless, if it closes the day at present prices or even below $29,450, BTC/USD will have reached its weakest weekly finish since December 2020.
