Cryptocurrency analysts warn that for Bitcoin (BTC) to hold on to current levels and survive a crash in the $20,000 range, it should try to retrace higher levels. As Kriptokoin.com, we convey the opinions of the analysts and the important levels that should be followed for the Bitcoin price.
Bitcoin slides towards $20,000?
Data received by TradingView showed that BTC/USD still failed to consolidate $30,000 as support level on May 16. The pair suffered fresh losses after the weekly close at $31,300. Even though the Luna Foundation Guard (LFG) announced that it sold almost all of its Bitcoin reserves during last week’s Terra (LUNA) and TerraUSD crash, the lack of new sales did not raise the mood in the markets. Popular cryptocurrency analyst and investor Phoenix said in a Twitter post on the subject:
The days ahead are going to be very important. Keep these levels, go higher from here. If it fails, my eyes are between $21.8k and $23.8k. I wasn’t expecting to have these in mind again, lol. I was wrong to think that the Q1 structure was a trend reversal start.
Phoenix is just under $24,000, even better than last week’s base It is not alone in predicting a return to lows. Rekt Capital, the other analyst who agreed with these thoughts, pointed out that $ 20 thousand is an area of interest if the current levels do not hold and buyers do not materialize. The analyst said that last week’s move may have created a new trading range for Bitcoin, with the macro range lower than $28,800 as the ceiling, adding:
If that’s the case, the low macro range could turn into resistance
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Meanwhile, some analysts, including renowned analyst Michaël van de Poppe, remained cautious but optimistic about short-term prospects. Michaël van de Poppe told his followers on Twitter:
I’m not sure if we’re going to test $28.4k. However, this is a scenario I will follow. The key bull breaker is $30.2k. Overall, we expect it to continue towards $32.8K for Bitcoin.
Stocks are under pressure amid an ongoing volatility in US dollar strength. The US dollar index (DXY) hit 105 on May 13 and as of May 16 it was attempting to retest this level, which was rejected at the time. The S&P 500 fell 0.65% in the day, while the Nasdaq 100 lost 1.3 percent. Mike McGlone, chief commodity strategist at Bloomberg Intelligence, said:
If the volatility of risk assets continues to decline, Bitcoin should return to the favorable average. But early adoption days can support emerging technology/assets. Both Bitcoin and the S&P 500 have dropped below their 100-week moving averages.
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