Can Bitcoin hold onto $22,000? The weekly close will tell all.
While avoiding further losses, analysis warned that Bitcoin could still easily fall much lower if a nearby support level failed to hold.
Monitoring resource Material Indicators explained that BTC price action had"lost key technical support" and that $22,000 — the sight of a recent resistance/support flip — was now all that remained for bulls to hold onto. "The local R/S Flip zone is the last stand between a retest at the trend line. Meanwhile, Trend Precognition is indicating a down trend," itAccompanying charts showed both the trend line at stake and the BTC/USD order book on Binance with bid liquidity parked at $22,000.Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, warned that should $21,300 fail to hold as well, $20,000 may not help to stem the exodus.
"Crucial area for #Bitcoin is to hold the $21.3K area. Losing that, and we'll see another sweep towards $19.5Kish and altcoins dropping 15-25%," heVan de Poppe nonetheless maintained a more optimistic view overall, suggesting that $40,000 could still appear"in a few months."in part of a subsequent post.With Silvergate's potential bankruptcy still a hot topic, research firm Santiment queried why the market reaction had been so severe.
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