12 Jul 2022
Bitcoin consolidating at 2017 peak for four weeks
Bitcoin has been in narrow consolidation since the early June plunge oscillating around the 2017 peak.
Bitcoin is still finding strong support at the peak of the 2017 cycle at around $19,500, seeing several weekly closes near or at the 2017 peak levels in recent weeks. If the support breaks, the 2019 peak levels of $14,000 may act as the next zone of support, but bitcoin might find support in the $16-17,000 area as well, which acted as resistance during the relief rally in early 2018 and prior to bitcoin’s 2020 breakout.In recent weeks, bitcoin has been in a narrow trading range between $19,000 and $22,000, with $22,000 acting as resistance on multiple attempts. If bitcoin breaks out towards the upside, $28,000 is the nearest strong resistance area for bitcoin, representing the yearly bottom in 2021. It remains essential to understand that these are only technical levels. With uncertainty in the global financial markets, other factors are also highly relevant to analyze when looking at bitcoin's outlook.