{"id":493893,"date":"2022-06-22T20:46:58","date_gmt":"2022-06-22T20:46:58","guid":{"rendered":"https:\/\/ktsl888.com\/?p=493893"},"modified":"2024-06-11T14:20:58","modified_gmt":"2024-06-11T14:20:58","slug":"bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive\/","title":{"rendered":"Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive"},"content":{"rendered":"

Bitcoin seems on the verge of re-testing previous support levels. The number one cryptocurrency has been experiencing a persistent downside which took it to a multi-year low of around $17,000.<\/p>\n

Related Reading |\u00a0Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K<\/a><\/strong><\/p>\n

Bitcoin has been trying to reclaim previously lost territory, but the selling pressure continues driven by negative news around the crypto space and the shift in monetary policy from the U.S. Federal Reserve (Fed). At the time of writing, BTC\u2019s price trades at $20,000 with a 10% loss in the past week.<\/p>\n

\"Bitcoin
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

Analyst Micha\u00ebl van de Poppe believes BTC\u2019s Price remains in a good position after it was rejected at $21,000. If the cryptocurrency manages to hold above $20,000, there is potentially more fuel for bullish continuation. Via Twitter, the analyst said<\/a>:<\/p>\n

Sweep of the lows and holding. As long as $20k holds, it should be fine for a sweep of the previous high at $21K and then a higher high at $23K and potentially $24K are doable. Longs still open.<\/p><\/blockquote>\n

Data provided by Material Indicators (MI) records some support for Bitcoin below $20,000. This suggests the cryptocurrency could drop below its current levels.<\/p>\n

However, there are around $30 million in bids and orders for Bitcoin around $19,000. This area should operate as critical support in case of further downside.<\/p>\n

If those levels fail, there are still $40 million in bids orders between $17,800 and $18,000 which could provide an extra layer of support. The order book looks thin below these levels<\/p>\n

\"Bitcoin
BTC (blue line on the chart) with $40 million in bids at around $18,000. Source: Material Indicators.<\/figcaption><\/figure>\n

Above current price levels, there are over $20 million in asks orders around $21,000 alone. This level will continue to be a major resistance area and an obstacle for BTC\u2019s price as it consolidates around the area.<\/p>\n

The analyst at Material Indicators shared<\/a> the following on the hurdles standing between BTC and future appreciation:<\/p>\n

This is why we wait for confirmations. Despite the sentiment and the #TradFi gains yesterday, the rally lost momentum before it could test the 200 WMA. Now Fire Charts shows ~$60M in ask liquidity stacked between here and the 200 WMA range.<\/p><\/blockquote>\n

When Will Bitcoin Hit A Price Bottom?<\/h2>\n

In that sense, analysts from MI emphasized that it is impossible to know with certainty when BTC will bottom. However, there are certain clues that could help investors to identify a decline in the bearish trend.<\/p>\n

Related Reading |\u00a0Bitcoin Miner Liquidations Threaten Bitcoin\u2019s Recovery<\/a><\/strong><\/p>\n

For example, BTC\u2019s price usually bottoms and then goes into a long period of consolidation. The analyst stated via Twitter without ruling out another leg down:<\/p>\n

the market is overdue for a rally, and the fact that moves to or below the 200 WMA have historically led to Bull Markets, we can’t validate that until price reclaims the key moving averages, starting with the 200 Weekly MA.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin seems on the verge of re-testing previous support levels. The number one cryptocurrency has been experiencing a persistent downside which took it to a multi-year low of around $17,000. Related Reading |\u00a0Two Months Of Extreme Fear Leaves Crypto In Panic, Bitcoin At $20K Bitcoin has been trying to reclaim previously lost territory, but the selling pressure continues driven by negative news around the crypto space and the shift in monetary policy from the U.S. Federal Reserve (Fed). At the time of writing, BTC\u2019s price trades at $20,000 with a 10% loss in the past week. Analyst Micha\u00ebl van de Poppe believes BTC\u2019s Price remains in a good position after it was rejected at $21,000. If the cryptocurrency manages to hold above $20,000, there is potentially more fuel for bullish continuation. Via Twitter, the analyst said: Sweep of the lows and holding. As long as $20k holds, it should be fine for a sweep of the previous high at $21K and then a higher high at $23K and potentially $24K are doable. Longs still open. Data provided by Material Indicators (MI) records some support for Bitcoin below $20,000. This suggests the cryptocurrency could drop below its current levels. However, there are around $30 million in bids and orders for Bitcoin around $19,000. This area should operate as critical support in case of further downside. If those levels fail, there are still $40 million in bids orders between $17,800 and $18,000 which could provide an extra layer of support. The order book looks thin below these levels Above current price levels, there are over $20 million in asks orders around $21,000 alone. This level will continue to be a major resistance area and an obstacle for BTC\u2019s price as it consolidates around the area. The analyst at Material Indicators shared the following on the hurdles standing between BTC and future appreciation: This is why we wait for confirmations. Despite the sentiment and the #TradFi gains yesterday, the rally lost momentum before it could test the 200 WMA. Now Fire Charts shows ~$60M in ask liquidity stacked between here and the 200 WMA range. When Will Bitcoin Hit A Price Bottom? In that sense, analysts from MI emphasized that it is impossible to know with certainty when BTC will bottom. However, there are certain clues that could help investors to identify a decline in the bearish trend. Related Reading |\u00a0Bitcoin Miner Liquidations Threaten Bitcoin\u2019s Recovery For example, BTC\u2019s price usually bottoms and then goes into a long period of consolidation. The analyst stated via Twitter without ruling out another leg down: the market is overdue for a rally, and the fact that moves to or below the 200 WMA have historically led to Bull Markets, we can’t validate that until price reclaims the key moving averages, starting with the 200 Weekly MA.<\/p>\n","protected":false},"author":535,"featured_media":493151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-493893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive<\/title>\n<meta name=\"description\" content=\"Bitcoin seems on the verge of re-testing previous support levels, here are the key levels and other 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive","url":"http:\/\/ktsl888.com\/news\/bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-losses.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-losses.jpeg?fit=1440%2C810"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-06-22T20:46:58Z","datePublished":"2022-06-22T20:46:58Z","dateModified":"2024-06-11T14:20:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-rejected-at-21k-why-a-retest-of-the-lows-could-be-positive\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-losses.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-losses.jpeg?fit=1440%2C810\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-06-22T20:46:58Z\",\"datePublished\":\"2022-06-22T20:46:58Z\",\"dateModified\":\"2024-06-11T14:20:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/06\/bitcoin-losses.jpeg?fit=1440%2C810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/493893"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=493893"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/493893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/493151"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=493893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=493893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=493893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}