Another bad week for Bitcoin could be a precursor of more pain to come, according to strategists watching the selloff in cryptocurrencies.<\/p>\n
Further weakness in its price may bring the $20,000 zone into view as a downside target, according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin fell about 2% to $33,000 as of 11:23 a.m. in Hong Kong and is down some 10% so far in June.<\/p>\n
The largest cryptocurrency is \u201cdangerously approaching the $30,000 level\u201d amid growing regulatory fears in the U.S., and \u201ca break of $30,000 could see a tremendous amount of momentum selling,\u201d said Edward Moya, senior market analyst with Oanda Corp.<\/p>\n
Bitcoin has dropped about $32,000 from its April record, roiled by a rebuke from billionaire Elon Musk over the energy it requires as well as a renewed regulatory crackdown in China. The ability of U.S. authorities to recover a high-profile Bitcoin ransom also dented the idea that it\u2019s beyond government control, which has been an article of faith for some of the coin\u2019s supporters.<\/p>\n
Evercore technical strategist Rich Ross and Tallbacken Capital Advisors\u2019 Michael Purves have both flagged the $20,000 area as a potential key level if Bitcoin breaks much lower than where it is now.<\/p>\n
Others, however, remain confident about the longer term outlook. For instance, Michael Saylor\u2019s MicroStrategy Inc. boosted a junk-bond sale to $500 million from $400 million to fund the purchase of more Bitcoin. MicroStrategy has emerged as one of the most bullish public companies on cryptocurrencies.<\/p>\n
About a week after Bitcoin\u2019s mid-April all-time high, Purves had argued the bullish case looked \u201chighly challenged.\u201d<\/p>\n
\u201cHow much lower can it go?\u201d Purves asked in his note Tuesday. \u201cThe most obvious answer continues to be a complete retracement of the breakout from $20,000 — in other words, back to $20,000.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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