Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds


Bitcoin’s month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year

Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into midday on June 13 when BTC hit a low of $22,592.

BTC/USDT 1-day chart. Source: TradingView

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Here’s a look at what several market analysts are saying about Bitcoin’s move lower and whether this is the final capitulation event before the long-awaited price bottom.

Is there solid support at $23,000?

Previous instances of bear market capitulation have seen a solid level of support at Bitcoin’s 200-week

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