Bitcoin loses support at $20,000; What's next?

The global cryptocurrency market has returned to negative territory as a pessimistic mood reigns across the majority of its assets, including Bitcoin (BTC), which some analysts say will be influenced by the approaching June consumer price index (CPI) report on inflation.

As the situation evolves by the hour, crypto trading specialist Michal van de Poppe has set new critical levels to monitor for Bitcoin after it failed to hold the support zone over $20,000, resulting in a decline, as he stated in a tweet on July 12.

These new levels, according to van de Poppe, are $20,300 and/or the range between $19,300 and $19,500:

“Not interested into longs going into CPI tomorrow, personally looking at a regain of $20.3K and/or $19.3-19.5K region.”

Meanwhile, another crypto trading specialist, Ali Martinez, shared his thoughts on Bitcoin's future price swings, noting in a tweet that Bitcoin is at a critical demand level between $19,150 and $19,700, with 575,000 addresses holding more than 375,000 BTC.

In addition, he said that if this level of support holds, BTC will encounter tough resistance at $20,900. To cause a significant price change, one of these levels must give way.

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