Finding support at $20,000, but trading below 200w MA
Bitcoin plunged below the 2017 peak during last week's liquidations but has found support above 2017 highs while trading below its 200-week moving average for the second time in history.
Jun 20th 2022
Source: Tradingview (Bitstamp)
Bitcoin shattered below $20,000 amid last week's forced selling but has since recovered to levels above the 2017 peak, seeing a promising weekly close of $20,500 above the 2017 highs.
For now, BTC has found support above $20,000. Last week's visit below was caused by massive forced selling, evident by both 3AC's collapse and Purpose's massive redemptions.