Support at $36,000 may also be temporary, one trader warns, after a major Binance buy wall is obliterated.
Bitcoin (BTC) broke below $37,000 during trading on June 18 in the latest short-term bearish sign for hodlers.
Buyers no match for BTC bears
After repeatedly testing the $37,000, the pair finally broke through to see short-term volatility return and swings of several hundred dollars up and down.
The move could be significant as it removes the majority of a large buy wall which was previously in place above $36,500.
“Expecting a bounce (not sure if it will be THE bounce) around 36k,” popular trader Crypto Ed summarized in his latest Twitter update following the lows.
“Having a hard time believe we will go up over the weekend.”
As Cointelegraph reported, BTC traders are at something of a crossroads under current conditions amid a lack of overall market direction. Indicators also present a mixed picture.
Mainstream adoption announcements from the likes of Goldman Sachs and Spanish banking giant BBVA likewise failed to lift the mood, with Goldman analysts characterizing the situation with mixed statements on Bitcoin’s true merit.
Altcoins respond badly to fresh downtick
Altcoins meanwhile felt the pinch from Bitcoin’s troubles, with many of the top 50 cryptocurrencies by market cap seeing 6% daily losses or more.
“Some of these altcoins look ready to lose another 50%,” Twitter accountTyler Durden said in a grim market prognosis.