Bitcoin heads for dismal weekly close as BTC price rejects at $20K

Bitcoin heads for dismal weekly close as BTC price rejects at $20K


Bitcoin (BTC) attempted to reclaim $20,000 as support on June 19 as bulls faced a $7,000 weekly red candle.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$16,000 eyed for possible next move

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising from lows of $17,592 on Bitstamp before being firmly rejected at $20,000.

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Low-liquidity trading conditions had made for a grim weekend for hodlers as the largest cryptocurrency fell to levels not seen since November 2020.

While recovering some losses, a sense of deja vu pervaded the market on the day. $20,000 had returned as resistance, this having formed an all-time high for Bitcoin for three years from December 2017 to December 2020.

It was also the first time that BTC/USD had retreated under a previous halving cycle’s all-time high.

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