27 Jun 2022

Bitcoin ranging between two critical technical levels

Bitcoin keeps ranging between its $20k support and the 200-week moving average of $22,500.
Source: Tradingview (Bitstamp)
Bitcoin has stabilized just above $20k, the peak of 2017’s bull run. $20k has proved to be strong support and remains the most critical support level to pay attention to.Bitcoin also continues trading below its 200-week moving average of $22,500. Bitcoin has only traded below this indicator once in history, during the covid crash on March 12th, 2020.The $22,500 level is the most important resistance on the upside. If bitcoin can break through, the next level to pay attention to is around $30k.On the other hand, if bitcoin cannot hold onto its $20k support, the closest weekly support level is $16k.
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