Bitcoin Rejected At $21K, Why A Retest Of The Lows Could Be Positive

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 | Two 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’s price trades at $20,000 with a 10% loss in the past week. Analyst Michaël van de Poppe believes BTC’s 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...