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Bitcoin is struggling to hold above the psychological level of $20,000, as the Dow Jones Industrial Average DJIA, +1.05% strives to hold its gains on Wednesday.

The cryptocurrency BTCUSD, -0.63% is trading at around $19,986, down 3.3% over the past 24 hours, according to CoinDesk data. Bitcoin dropped to an 18-month low of $17,601 on June 18, before it rebounded to close to $20,000 on Wednesday. 

Still, the recent gain may not hold, according to Mark Newton, managing director at Fundstrat Global Advisors. Newton expects the crypto to show weakness into the second or third week of July, “before a larger intermediate-term low develops,” Newton said. 

From a technical perspective, a final low under bitcoin’s June lows “might be necessary before thinking a bottom is officially in place,” according to Newton. Newton said that there is an above-average chance of a “final ‘washout’ style decline” before bitcoin hits the bottom. “Technically not much lies under $17,592 before $12,500-$13,000, which I expect should be an excellent place for intermediate-term buyers to add to longs,” Newton wrote. 

“Bitcoin (BTC) is still in the range currently, with slight upside momentum building on the shorter time frame. If BTC stabilizes above $22k, we can see a quick relief rally towards $26k or $28k,” according to Abdul Gadit, chief financial officer at Zignaly.

However, if bitcoin fails to cross the $28,000 to $31,000 area, it could open its path towards $12,000 to $16,000, which can be the cyclical bottom, Zignaly wrote. 

In other crypto news, a British Virgin Islands court on Monday ordered the liquidation of crypto hedge fund Three Arrows Capital after creditors sued the fund for failure to repay debts, according to several media reports.