200 weeks – The price of Bitcoin (BTC) is approaching $20,000, after today’s crash. The bulls must defend a key support at all costs to avoid a fall below this level.
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Bitcoin Price Below $24,000: Celsius Raising Temperatures
Bitcoin price loses $24,000 today, June 13, 2022. Cryptocurrency trades at $23,283 at the time of writing this article. It is currently registering a significant daily loss of 15.04%.
The markets therefore sport a blood red color after the bad news from Celsius. The cryptocurrency lending platform has halted withdrawals due to market conditions. This decision then sparked speculation about the insolvency of the company.
Celsius has certainly shaken the markets strongly by taking such an initiative. But he is probably not solely responsible for this crash.
The Bitcoin price has actually been posting losses for several days. It will close lower for the seventh consecutive timetoday.
Looking back, its price was still above $31,000 on June 7, 2022. But it will eventually lose the 200-week exponential moving average at $27,000 on June 12, 2022.
So what would be the next key level to watch for Bitcoin price? Traders are now closely watching the 200 week simple moving average at $22,380.
Back to an old ATH: bottom or not bottom at $20,000
This 200-week simple moving average is particularly important given historical data. The trader Rekt Capital has also shared a graph presenting the different possible scenarios:
- the 200-week simple moving average could be the bottom the price of Bitcoin during this bearish phase;
- the cryptocurrency falls below this average. The price of Bitcoin fell 14.27% below the latter before finding a bottom of 2014. This figure stood at 28.54% in 2020.
This second outlook means that the price of Bitcoin could shake the $20,000, or even lose it.
The price of Bitcoin has finally broken out of its daily routine, signaling the end of the back-and-forth at $30,000. This exit happened unfortunately – without too many surprises – from the bottom. And further lows are still apparently possible. Some analysts highlight the danger imminent return to $19,000.
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