During the Asian trading session, the BTC price fell below $20,000. It happened after the US business activity indices showed a decline. Investors continue to withdraw capital from risky assets. At the time of publication, Bitcoin is trading at 19,100. However, the BTC/USD pair is still trading above the June 18 low. The 19,000 mark provides enough support for the BTC/USD pair.
According to Deutsche Bank strategists, the price of Bitcoin will not be able to recover slightly until the end of the year. They predict that only by the end of 2022 the price of Bitcoin will rise to $28,000.
The correlation between Bitcoin and the Nasdaq and S&P 500 stock indices has remained high since November. As soon as the S&P 500 indicator starts to strengthen, BTC will immediately follow up. According to the bank’s strategists, the growth of business activity in the US and the return of capital to the technology sector are expected by the end of this year. The rapid resumption of the rally is hampered by increased pressure on the cryptosphere from regulators. In addition, the crisis faced by hedge funds and crypto companies negatively affects the attractiveness of digital currencies.