19 Sep 2022

Run it back turbo: BTC revisits June lows

Bitcoin again revisits range lows after a tumultuous week.
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Bitcoin failed to power through the $22.5k resistance area and plunged towards June lows of $18k this Monday after seeing its lowest weekly close since June 27th.
Source: Tradingview
Bitcoin, for now, remains within its 3-month long consolidation range between $17.5k and $25k after finding support at $18k, pushing towards $19k. $17.5k remains a very important support area. Below this level, BTC has support at $15.5k and strong support at $12k.A push towards $12k would be analogous to previous bear market cycles in BTC, representing an 80% drawdown, as we saw during both the 2014 and 2018 bear markets.Within this prolonged consolidation range, $22k and $25k represent substantial resistance areas. Should momentum turn, traders should pay particular attention to any breakouts from the $25k resistance, which would signal a bullish breakout.
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