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IPFS News Link • Bitcoin

"We've Been Here Before": Bitcoin Breaks Below $20,000 As FundStrat Suggests "Fin

• https://www.zerohedge.com by Tyler Durden

This comes after a slew of recent developments in the crypto-lending markets...

But perhaps we are getting closer to the 'end' of the forced liquidation phase as CoinTelegraph reports that a court in the British Virgin Islands on June 27 ordered the liquidation of Singapore-based 3AC, the British news agency Sky News reported on Wednesday.

The information in the report refers to an unspecified person familiar with the matter. Three Arrows Capital did not immediately respond to Cointelegraph's request for comment.

The VC firm was estimated to incur $400 million in liquidations across multiple positions.

And as Mark Newton, technical strategist at Fundstrat, said in a note Tuesday:

"Most short-term technicals point to an above-average chance of a final 'washout'-style decline before this bottoms."

Bitcoin has room to drop as low as $12,500 to $13,000, "which I expect should be an excellent place for intermediate-term buyers to add to longs," he wrote.

MicroStrategy is 'buying the dip', reporting this morning that it has bought 480 BTC between May 3rd and June 28th at an average purchase price of $20.817.


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