Bitcoin Price Nearing $20,000: Are We Breaking Out, Or Are We Falling Further?

Last Saturday, the bitcoin (BTC) price plunged below the crucial price mark of $20,000, an earlier all time high (ATH). Currently trying the bulls however, to regain this price level with no success so far.

Bitcoin price just below $20,000

Since last Saturday, the BTC price has risen by more than 10% in value. Then last night we saw the first attempt to break the USD 20,000 resistance.

It traded just above this for several hours, but did not break out further. At 2 a.m., bitcoin went into hiding again. This brings the current bitcoin price on crypto exchange Coinbase to $19,950.

The bitcoin price in euros trades at 18,942 euros on the Dutch crypto exchange bitvavo

The candlestick from last week also closed last night. This one closed under 200 weeks moving average (MA), a negative signal. In addition, we see that the trading volume has also set a higher peak compared to the decline in the week of May 9.

Where is the bitcoin bottom?

That is the question that has often haunted the minds of many crypto investors in recent weeks. Nobody knows exactly where the current bottom is. Many analysts do share their opinions about where the bottom may lie, including TechDev.

His checklist for a bottom seems almost complete. He compared corrections that lasted more than a year from the past and thus compiled this checklist. His conclusion based on the current situation: “A close above the 20-week MA probably confirms the end.”

But of course that doesn’t mean we won’t get another dive, even if it may be short-lived. With the current bitcoin price, the correction from its ATH is 74%. On average, these corrections went deeper than -80%, analyst Holger Zschaepitz said:

“To put things in perspective, a 74% Bitcoin crash like right now is nothing out of the ordinary. In history there have been 4 crashes where the leading cryptocurrency went from peak to low by >80%.”

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