Bitcoin seems on the verge of re-testing previous support levels. The number one cryptocurrency has been experiencing a persistent downside which took it to a multi-year low of around $17,000.
Related Reading | Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K
Bitcoin has been trying to reclaim previously lost territory, but the selling pressure continues driven by negative news around the crypto space and the shift in monetary policy from the U.S. Federal Reserve (Fed). At the time of writing, BTC’s price trades at $20,000 with a 10% loss in the past week.
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview
Analyst Michaël van de Poppe believes BTC’s Price remains in a good position after it was rejected at $21,000. If the cryptocurrency manages to hold above $20,000, there is potentially more fuel for bullish continuation. Via Twitter, the analyst said:
Sweep of the lows and holding. As long as $20k holds, it should be fine for a sweep of the pr ..
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