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.

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.