Bitcoin plunged below $37,000 during trading sessions on June 18 in the latest near-term bearish sign for holders. The support at $36,000 might also be temporary, according to one trader, after a major Binance buy wall was speedily obliterated.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data acquired from TradingView tracked BTC/USD as it plunged to new local lows of around $36,540 on Bitstamp. After the crypto repeatedly tested the $37,000 mark, the pair broke through and experienced short-term volatility, and recorded swings of many hundred dollars up and down.
This latest move might prove to be quite significant since it eliminates most of the huge buy wall that was sat above $36,500 previously.
BTC/USD buy and sell orders on Binance as of June 18. Source: Material Indicators/ Twitter
One popular trader Crypto Ed summarized in a Twitter update following the lows:
“Expecting a bounce (not sure if it will be THE bounce) around 36k. Having a hard time believe we will go up over the weekend.”
Previous reports show that the bitcoin traders are now at a crossroad under current conditions amid a lack of general market direction. For now, most of the indicators also present a mixed picture.
Mainstream adoptions from Goldman Sachs and Spanish banking giant BBVA also did not lift the mood. Goldman Sachs analysts characterized the situation with mixed statements on BTC’s true merit.
Altcoins Respond Badly
In the meantime, altcoins felt a major pinch from BTC’s troubles, with most of the top 50 cryptos by market cap losing 6% or more. Ether dropped below $2,250 at the time of publication, losing nearly 6.6% on the day, while Flexa’s AMP, previously the standout high flyer, lost by the biggest margin on the day sinking by 23%.
Twitter account Tyler Durden said in a dark market prognosis:
“Some of these altcoins look ready to lose another 50%.”