Bitcoin Fall Has Strategists Seeing Possible Drop Toward $20,000

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Another bad week for Bitcoin could be a harbinger of more pain, according to strategists watching the cryptocurrency sell-off.

Further weakness could consider the $ 20,000 zone as a downside target, so Oanda Corp., Evercore ISI and Tallbacken Capital Consultant GMBH. Bitcoin fell about 2% to $ 33,000 at 11:23 a.m. in Hong Kong and is down about 10% so far in June.

The largest cryptocurrency is “dangerously nearing the $ 30,000 level” amid growing regulatory fears in the US, and “a break of $ 30,000 could create tremendous sales momentum,” said Edward Moya, senior market analyst at Oanda Corp. .

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