Bitcoin risks new lows as $20,000 looms amid dollar-euro pair

Support thin on the ground, analysts and traders warn, as former BitMEX CEO Arthur Hayes announces the beginning of the "catastrophic loop" of fiduciary money "with USD/EUR parity.

Market Update

Bitcoin (BTC) headed towards $20,000 after Wall Street opened on July 11 amid further warnings to “prepare for new lows”.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

$20,300 seen as next support zone to hold

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD failed to recoup the losses that immediately followed the weekly close at $20,850.

The pair had nonetheless locked in its best gains of the week since March, though these were likely to tumble as market uncertainty continued.

For on-chain analysis resource Material Indicators, the level to watch was a trendline serving as support since June.

"BTC fell back below the 21-day moving average after Sunday's close," he wrote in a summary-like Twitter post, along with a heatmap of buying interest and sale on the main Binance exchange.

"FireCharts shows some liquidity of offers in a close range, but that may not be enough. If the price breaks below the trendline, be prepared for new lows."

BTC/USD Order Book Data ( Binance) with trendline. Source: Hardware Indicators/Twitter

Others predictably focused on the release of US Consumer Price Index (CPI) data on July 13 , which...