Another bad week for Bitcoin could be a precursor of more pain to come, according to strategists watching the selloff in cryptocurrencies.
Further weakness in its price may bring the US$20,000 ($26,469.20) zone into view as a downside target, according to Oanda Corp., Evercore ISI and Tallbacken Capital Advisors LLC. Bitcoin fell about 2% to US$33,000 as of 11:23 am in Hong Kong and is down some 10% so far in June.
The largest cryptocurrency is “dangerously approaching the US$30,000 level” amid growing regulatory fears in the US, and “a break of US$30,000 could see a tremendous amount of momentum selling,” said Edward Moya, senior market analyst with Oanda Corp.
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