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Investing.com – Although the has yet to test the major psychological threshold of $20,000, the cryptocurrency remains close to this zone, still showing a distinctly bearish profile from a chart perspective.
Pressure remains strong on Bitcoin in the face of yesterday’s wave of risk aversion. For example, the closed down more than 4%, while the fell 3.25%. The a, for its part, broke below the key threshold of $30,000 for the first time in over a year, with a fall of 2.42%. In Europe, the ended the day down 2.39%, while the was down 3.31%.
Remember that the markets were notably shocked by a surprise rate hike of 0.50% by the Swiss National Bank, despite being known as one of the most dovish central banks.
Technical thresholds to watch in the short term on Bitcoin
From a graphical point of view, the only positive point is that the threshold of $20,000 has not yet been tested. Bitcoin remains stuck below several key thresholds that limit its upside potential, starting with the 200-week moving average currently at $22,365.
It should also be noted that based on the weekly chart, it is a break above $32,000 that would be needed to significantly improve Bitcoin’s bottom profile.
However, at this stage, a foray below the key $20,000 threshold, which has not happened since December 2020, remains a very likely scenario. Remember that this zone is all the more important since it corresponds to the peak of December 2017 ($19,890).
Moreover, the break above this zone in December 2020 was the trigger for Bitcoin’s first “mainstream” rally, which brought it almost in a straight line to $60,000.
Below this $20,000 area, and excluding psychological thresholds, the next chart support will then be the June 2019 peak at $13,765.