Bitcoin (BTC<\/a>) spared hodlers the pain of losing $20,000 on June 15 after BTC\/USD came dangerously close to last cycle’s high.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD surging higher after reaching $20,079 on Bitstamp.<\/p>\n In a pause from its sell-off, the pair followed United States equities higher on the Wall Street open, hitting $21,700. The S&P 500 gained 1.4% after the opening bell, while the Nasdaq Composite Index managed 1.6%.<\/p>\n The renewed market strength, commentators said, was thanks to the majority already pricing in outsized key rate hikes by the Federal Reserve, due to be confirmed on the day.<\/p>\n Nonetheless, it was crypto taking the worst hit in the inflationary environment, Bloomberg chief commodity strategist Mike McGlone noted. In a tweet, he contrasted<\/a> Bitcoin and altcoin performance with skyrocketing commodities, notably WTI crude oil, futures of which now traded at almost double their 200-week moving average.<\/p>\n “Unprecedented Crude Spike vs. Bottoms in Bitcoin, Bonds, Gold \u2014 Crude oil futures’ historically extreme stretch above its 200-week mean is ample fuel for inflation to spike, consumer sentiment to plunge, Federal Reserve rate hikes to accelerate and an enduring hangover,” he argued.<\/p>\n Despite suppressed price action, many were unconvinced that Bitcoin could meanwhile sustain even the low $20,000 zone much longer.<\/p>\n “We have yet to see capitulation in the Crypto markets,” popular trader Crypto Tony told<\/a> Twitter followers. <\/p>\n “It is close, but doesn’t feel like it yet. Every bounce is filled with optimism and it shouldn’t be like that.”<\/p><\/blockquote>\n Fellow trader and analyst Rekt Capital agreed, saying that the sell-off had not been accompanied by suitable volume.<\/p>\n “Strong market-wide selling is going on for BTC,” he wrote<\/a> on the day.\u00a0<\/p>\n “Undoubtedly, Seller Exhaustion lies ahead. Watch for high sellside volume bars. These tend to signal bottoming out after constant selling & precede an entire trend reversal over time.”<\/p><\/blockquote>\n As Cointelegraph reported<\/a>, Bitcoin’s own 200-week moving average lay at $22,400, Rekt Capital warning that the level could now form a price magnet for weeks or even months<\/a>.<\/p>\n Data meanwhile showed the extent to which panic selling had been taking place in the short term.<\/p>\n Related:\u00a0Bitcoin miners\u2019 exchange flow reaches 7-month high as BTC price tanks below $21K<\/a><\/strong><\/em><\/p>\n Weekly realized losses reached 2.6% of Bitcoin’s realized cap, the highest ever, according to figures from on-chain analytics firm Glassnode illustrated<\/a> by CryptoVizArt.<\/p>\n The cumulative weekly realized loss currently is = 2.6% of the #BTC<\/a> realized cap. The comparable historical events where this ratio >2.5% are illustrated by . pic.twitter.com\/jbl3aD5WmJ<\/a><\/p>\n \u2014 CryptoVizArt.btc \u221e\/21M – LOST #BTC (@CryptoVizArt) June 15, 2022<\/a><\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/03aa7ffd-937f-45c3-bb77-64e0d91891a7.png\")
Bitcoin “bottom” fools nobody<\/h2>\n
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Losses still do not equal “capitulation” \u2014 data<\/h2>\n
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