Bitcoin capitulates further, looking to break below 20K

Bitcoin (BTC-USD) heads towards the potential breakdown below the $20,000 level as the crypto asset sits currently at $20,600, down 6.9% in early market trading. BTC-USD has now closed lower in eight straight sessions and is on pace for a ninth. Over that period Bitcoin erased 34.6% of its gains. Moreover, Bitcoin trades lower by 56.6% in 2022 and off 70.2% from its record high of $68,999 dating back to mid Nov. of 2021. Arthur Hayes, BitMEX co-founder tweeted: “If these levels break, $20K $BTC & $1K ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up.” Marcus Sotiriou, Analyst at GlobalBlock stated in a note that leading the crypto market lower are systemic issues in crypto infrastructure companies such as Celsius. At the same time insolvency of crypto hedge