Last week, we noted how bitcoin showed signs of weakening momentum. In the following days, BTC failed to breakout above $25k and lost its strong upward momentum as the $22,500 support level was breached, leading BTC to a third retest of the $20,700 support level.
Since the plunge, BTC has trailed in a narrow trading range between the $21,600 resistance level and $20,700 support. Both levels have acted as important technical levels since the mid-June market collapse.