BTC Next Support Level Is $19,500, Says Technical Analyst

Katie Stockton, the founder, and managing partner of Fairlead Strategies, an independent research provider, said the next support level for Bitcoin is $19,500. She made the declaration in an interview with Consumer News and Business Channel (CNBC), on June 13, 2022, following the global crypto market crash.

In her words:

Unfortunately the $27,000 looks to be broken decisively. The next support is roughly $19,500. It feels like a big gap to that level but that’s the nature of these asset classes. Below that we have a Fibonacci retracement level of roughly $18,300.

Many Twitter users reacted to the tweet by SquawkCNBC from varying viewpoints. A user by the name of Richard Dominach said:

I don’t know where Bitcoin is going to bottom, but there won’t be a sustainable rise until the Fed stops tightening and starts easing.  Indications are that the Fed is just getting started.  A recession is a wildcard.  What will crypto do?

Bitcoin (BTC), the largest cryptocurrency by market cap, dropped below the $28,000 level in the last 24 hours. According to CoinMarketCap, the price of Bitcoin now sits around $21,290, which represents an 18.61% drop in the last 24 hours. This has also pushed the price of Bitcoin down by 28.22% over the last seven days, and its market cap to barely below $410 billion.

Likewise, the global cryptocurrency market capitalization fell below the $1 trillion cap for the first time in two years. As the market continues downwards, the global market cap is barely $917 billion from over $1.2 billion in the last 24 hours. The worst performing cryptos among the top 10 coins in the last 24 hours are Ethereum (ETH, – 18.51%), Dogecoin (DOGE, 18.44%), and Solana (SOL, – 18.23%). At the moment, DOGE lost its position among the top 10.