BTC’s price has traders fearing that $20,000 may not hold if Bitcoin loses its current support.
Wall Street opened on March 9 with a break from multi-week support as concerns grew about a deeper decline in the price of BTC.
Dealer: $19,700 “on the table”
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD hovering around $21,800 on Bitstamp.
With $22,000 at risk of moving from support to resistance, popular trader Pentoshi was among those warning that a pullback from support could be in the offing.
“We did it. Best r/r now, but not a fan of the slow bleed. Would love SFP (could still come),” he wrote in an update to his previous BTC price prediction.
“Below that it could be up at 19.7-20.5k on the chart.”
The accompanying chart showed the importance of the current price range within Bitcoin’s wide range – and the potential consequences of losing the range.
Trader and commentator Nunya Bizniz highlighted a similar signal currently appearing in Bitcoin’s 200-day moving average (EMA).
Based on historical patterns, he warned, the location of the losses remains obvious.
The 200-day EMA was also highlighted on the chart by fellow trader and well-known commentator Pierre, who indicated that BTC/USD is unlikely to fall below its 100-day MA, should a breakdown occur now.
Dollar declines after renewed resistance
Data from Binance’s order book, meanwhile, showed a “useful” bid-ask spread around the spot price.
Related: Bitcoin’s Long-Term Collapse as BTC Price Action Supports $22,000
Therefore, with the new US jobs data, the source of material indicators was ready for a change, which was not yet available.
On a hopeful day, macro markets started to rise at the open on Wall Street, with the US dollar losing ground early in the week.
The US dollar index ( DXY ) was down 0.4% at the time of writing, while the S&P 500 index and Nasdaq Composite were targeting gains of 0.5%.