Bitcoin price has tapped $20,000 for the first time since the FTX. Not only was the level important support that broke down during the contagion, but it was also the former 20src7 all-time high.
Here’s what the recent price move could mean for the cryptocurrency market.
Bitcoin Reaches Key Level And 20src7 ATH
At approximately 6PM ET, Bitcoin price touched $20,000. Losing the level put stress on long-term holders by sending the price per coin tumbling to $src5,800 and far below the former 20src7 bull market peak.
After being rejected in 20src7, cryptocurrencies fell into a long bear market. It wasn’t until December 2020 when Bitcoin once again made it above the critical level. And when it did, it blasted right through it to $60,000.
Once Bitcoin has reclaimed the level, what happens next?
Bitcoin price has touched $20,000 for the first time since the FTX collapse | BTCUSD on TradingView.com
BTCUSD Levels To Watch For Next
Considering how bearish the sentiment was throughout 2022, crypto holders aren’t yet ready to FOMO into Bitcoin simply due to a break of $20,000. The top cryptocurrency may need to rally higher before the crowd begins to pile in.
Bitcoin above $28,000 could be a sign of a more sustainable recovery. Meanwhile, rejection at $20,000 again could be catastrophic for the crypto market and cause BTC to try for new lows.
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Tony Spilotro
I’m Tony Spilotro. Behind the pseudonym, I’m a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views.
I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck – literally – to future generations.
My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution.
While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of.
My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me.
Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say.
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