- The managing partner at independent research provider Fairlead Strategies said the next support level for Bitcoin is $19,500.
- Bitcoin trades below $21,290, which represents an 18.61% drop in the last 24 hours.
- The worst performing crypto among the top 10 coins in the last 24 hours are ETH, DOGE, and SOL.
Katie Stockton, the founder, and managing partner of Fairlead Strategies, an independent research provider, said the next support level for Bitcoin is $19,500. She made the declaration in an interview with Consumer News and Business Channel (CNBC), on June 13, 2022, following the global crypto market crash.
In her words:
Unfortunately the $27,000 looks to be broken decisively. The next support is roughly $19,500. It feels like a big gap to that level but that’s the nature of these asset classes. Below that we have a Fibonacci retracement level of roughly $18,300.
Many Twitter users reacted to the tweet by SquawkCNBC from varying viewpoints. A user by the name of Richard Dominach said:
I don’t know where Bitcoin is going to bottom, but there won’t be a sustainable rise until the Fed stops tightening and starts easing. Indications are that the Fed is just getting started. A recession is a wildcard. What will crypto do?
Bitcoin (BTC), the largest cryptocurrency by market cap, dropped below the $28,000 level in the last 24 hours. According to CoinMarketCap, the price of Bitcoin now sits around $21,290, which represents an 18.61% drop in the last 24 hours. This has also pushed the price of Bitcoin down by 28.22% over the last seven days, and its market cap to barely below $410 billion.
Likewise, the global cryptocurrency market capitalization fell below the $1 trillion cap for the first time in two years. As the market continues downwards, the global market cap is barely $917 billion from over $1.2 billion in the last 24 hours. The worst performing cryptos among the top 10 coins in the last 24 hours are Ethereum (ETH, – 18.51%), Dogecoin (DOGE, 18.44%), and Solana (SOL, – 18.23%). At the moment, DOGE lost its position among the top 10.