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Bitcoin (BTC) saw further losses on June 12 as thin weekend trading volumes fueled an ongoing sell-off.
Data showed BTC/USD hitting lows of $27,150 on its sixth straight day of downside.
With hours to go until the weekly close, the pair was in danger of resuming the losing streak, which had previously seen a record nine weeks of red candles in a row.
To avoid that outcome and put in a second “green” close, BTC/USD needed to gain over $2,000 from current spot price, which at the time of writing was $27,400.
With support levels failing to change the mood thanks to the thinner liquidity during the weekend’s “out-of-hours” trading, analysts feared that a retest of May’s ten-month lows was due.
“Well, Bitcoin couldn’t hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react,” analyst Michaël van de Poppe wrote in his latest BTC update on June 11.
“If that doesn’t hold, $26/24K on the cards.”
Amid continuing talk of “capitulation” across cryptoassets, others focused on the fate of highly-correlated stock markets. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, risk assets more broadly could already have seen peak exuberance in the past two years.
“If the stock market keeps going down, virtually everything will have peaked,” he told Twitter followers.
“Just some normal reversion can feel like a crash and the 2020-21 risk asset pump may go down in history like 1929 and 1999.”
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