Bitcoin’s uptrend broken, finding support at $20,700
Bitcoin’s uptrend of higher lows was broken last week as BTC failed to break out beyond the $25k resistance, leading BTC to a third retest of the $20,700 support area.
Aug 22nd 2022
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.