20 Jun 2022
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.
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.$20,000 remains the most critical support level to pay attention to onwards.In addition to the important support at $20,000, BTC is currently trading below the 200-week moving average for the second time in its history. This also happened during the March 12th, 2020, crash.BTC is now in an interesting position below the 200w MA of $22,427 and the $20,000 support. A breakout above the 200w MA would be very welcome and could indicate a market bottom.