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That is why Bitcoin (BTC) has fallen below the USD 20,000 again



 Bitcoin has fallen below $20,000 for the first time in almost a week after renewed selling pressure on global equity weakness.


The S&P 500 ended its last trading session down 2%, while the Nasdaq Composite Index lost 3%. China's Shanghai Composite Index also fell 1.4%.


With few bullish signs from the macro, Bitcoin also failed to hold and has re-hit the bottom of a range that has been in place for several weeks.


With the break below the 200-week moving average, this area now counts as key bear market support. This area has been acting as resistance since June.


Commentators talk about macros, saying that with little certainty about available economic strength, risky assets like cryptocurrencies would continue to suffer for longer periods.


Sentiment followed a prediction by big-short Inventor Michael J. Burry that the Federal Reserve would abandon its anti-inflationary quantitative tightening policy in 2022 and return to more accommodative conditions.


Part of a June 27 tweet reads:


“Deflationary stimulus from this -> disinflation in CPI later this year -> Fed reverses on rates and QT -> cycles.”


Popular Twitter account TXMC Trades said that only a "clear boon" for risky assets would see bitcoin and altcoins loosen somewhat. This perspective reflects the views of various commentators, including former BitMEX CEO Arthur Hayes.

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