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22 Aug 2022
Bitcoin’s uptrend broken, finding support at $20,700
Bitcoin’s uptrend of higher lows was broken last week as BTC failed to break out beyond the $25k resistance, leading BTC to a third retest of the $20,700 support area.
Last week, we noted how bitcoin showed signs of weakening momentum. In the following days, BTC failed to breakout above $25k and lost its strong upward momentum as the $22,500 support level was breached, leading BTC to a third retest of the $20,700 support level.Since the plunge, BTC has trailed in a narrow trading range between the $21,600 resistance level and $20,700 support. Both levels have acted as important technical levels since the mid-June market collapse.Source: Tradingview (Coinbase)The $20,700 support has now been retested three times since July 18th. Below this support area, BTC has support at the 2017 ATH levels, in addition to the $19,000 area.Towards the upside, $22,500 remains the nearest resistance level if BTC breaks out of its tight consolidation range.