The price of Bitcoin hovered around the price range of $26,000 into the 20th August weekly close as the BTC price targets of doomsday kept coming. According to data that was retrieved from TradingView and Cointelegraph Markets Pro, it highlighted an eerie calm that prevailed over the cryptocurrency exchange over the weekend, when the market was down by 11% in seven days.
The shocked market observers have remained pretty cautious, and Keith Alan, the co-founder of Material Indicators- a monitoring resource, saw only modest room for improvement. In a post made on X on 19th August, Keith Alan stated that he believed the price resistance of $25k will eventually break down and then bring out a path to retest the support at the Bull Market Top in 2017, which was just under the price range of $20k.
Bitcoin Could Be Spiralling Out Of Control
Keith continued, stating that such a price rebound could even hit the SMA, or the simple moving average over 100 weeks, currently at $31,368, and if that were to occur, it would be adding salt to the wound of the losses incurred this week. He added that if Bitcoin received the retest of $25k, his eyes would be looking at the next series of Lower Lows. Others have shared the consensus that the price range of $20,000 would be back on the radar if the price range of $25,000 fail to act as support.
From Whalemap, some less extreme support levels below $25,000 are in place for Bitcoin, which has eyed points of whale buying volume from the past. Significant pockets of on-chain volume still lay at a sum of $23,200 and $21,000. The previous whale support at $28,250 and $26,950 couldn’t hold the market on the way down.