Last Bitcoin support levels above $20K come into play as BTC price faces 'time of uncertainty'
Bitcoin (BTC) may yet reenter the $20,000 zone, but the coming weeks could provide a solid buying opportunity, a new report forecasts.
In its latest market update on Feb. 24, trading platform Decentrader laid out the final areas of support between the current Bitcoin spot price and $20,000.
Military action by Russia in Ukraine has markets in a spin Thursday, with stocks and crypto following a firm downtrend as uncertainty grips Asia, Europe and the United States alike.
Bitcoin has already lost 12% in under 24 hours, and expectations are that the worst is not yet over —reactions to the Russian offensive continue to flow in, along with potential financial sanctions.
As such, Decentrader, like many other analysts, is notably cautious on any trading decisions.
"During times of uncertainty such as this, it pays to be very clear on your strategy. For traders, having clear invalidation levels and strong risk management will allow you to survive," analyst Philip Swift summarized.
While never being threatened in previous bear markets, an absolute line in the sand for bulls comes in the form of Bitcoin's 200-week moving average (WMA), currently sitting at $20,000 and still rising.
More likely, Swift believes, is a dip below $30,000 to deviations below the 20-week moving average, something which characterized the pit of the March 2020 Covid crash.
"Should price continue to drop, the 20WMA Deviation bands highlight a zone of potential support for Bitcoin between $29,382 and $25,253," the update explained.
While difficult to imagine, upside targets in the event of a twist in Bitcoin's fortunes are $37,500 and $41,100, it added.
Decentrader is far from alone in advising traders not to let emotion get the better of them under current
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