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.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$25,000 eyed as bulls’ line in the sand

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 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.

“So if we’re going to see new lows, I’d expect it to happen before we reclaim $25,000.”

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.

BTC/USD 1-week candle chart (Bitstamp) with 200WMA. Source: TradingView