{"id":522556,"date":"2023-03-09T23:48:24","date_gmt":"2023-03-09T23:48:24","guid":{"rendered":"https:\/\/wncen.com\/?p=522556"},"modified":"2024-06-11T07:52:42","modified_gmt":"2024-06-11T07:52:42","slug":"bitcoin-retests-20000-violent-selloff","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-retests-20000-violent-selloff\/","title":{"rendered":"Bitcoin Retests $20,000 In Violent Selloff: Will The Key Support Hold?"},"content":{"rendered":"

Today, Bitcoin price<\/a> lost over 6% of its value in mere hours as the top cryptocurrency by market retested the key level of $20,000 per coin.\u00a0<\/span><\/p>\n

Why is this level especially critical? And more importantly, will this symbolistic line in the sand drawn by bulls be washed away in a wave of sudden sell pressure?<\/p>\n

Bitcoin Joins Broader Crypto Market Bloodbath<\/h2>\n

The cryptocurrency market was a bloodbath today as news broke that the New York Attorney General\u2019s office filed a lawsuit against crypto exchange Kucoin for selling unregistered securities \u2014 which named Ethereum among them.\u00a0<\/span><\/p>\n

Related Reading: Why The Crypto Market Cycle Could Be In \u201cDisbelief\u201d Phase\u00a0<\/a><\/div>\n

Bitcoin, the only cryptocurrency not considered a security according to SEC Chair Gary Gensler, also plummeted on the news and broader market selloff.\u00a0<\/span><\/p>\n

Altcoins lost anywhere between 3 and 10%, with Bitcoin and Ethereum coming in at roughly a 6% decline each. In the collapse, Bitcoin price briefly fell below $20,000, which is being retested as resistance turned support.\u00a0<\/span><\/p>\n

\"bitcoin<\/p>\n

BTC CME zoomed in and out | CME-BTC1! on TradingView.com<\/a><\/pre>\n
Why $20,000 Must Hold As Support<\/h2>\n
$20,000 is an important level to hold for bulls from both a technical and a psychological perspective. The key level was the peak of the 2017 bull market, and although it was lost temporarily as it\u2019s the FTX collapse, it was reclaimed in early January.\u00a0<\/span><\/p>\n
Holding sends a message that the level won\u2019t soon be broken again, possibly ever. Falling back below it would be devastating and bury the chances of a new uptrend beginning before it ever truly got started.\u00a0<\/span><\/p>\n
Related Reading: Forget The Past, This “Future” Bitcoin Golden Cross Could Revive Bulls<\/a><\/div>\n
The level is also right at an important gap on Bitcoin CME Futures charts, which if left completely unfilled on a closing basis could continue to act as support. In Japanese candlesticks, gaps are referred to as windows, which can work as local support if retested.\u00a0<\/span><\/p>\n
This interesting intersection of resistance turned support, turned resistance and hopefully back into support again, is especially crucial to the entire crypto market and where the trend heads from here.
\n<\/span><\/p>\n
Follow @TonyTheBullBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Today, Bitcoin price lost over 6% of its value in mere hours as the top cryptocurrency by market retested the key level of $20,000 per coin.\u00a0 Why is this level especially critical? And more importantly, will this symbolistic line in the sand drawn by bulls be washed away in a wave of sudden sell pressure? Bitcoin Joins Broader Crypto Market Bloodbath The cryptocurrency market was a bloodbath today as news broke that the New York Attorney General\u2019s office filed a lawsuit against crypto exchange Kucoin for selling unregistered securities \u2014 which named Ethereum among them.\u00a0 Related Reading: Why The Crypto Market Cycle Could Be In \u201cDisbelief\u201d Phase\u00a0 Bitcoin, the only cryptocurrency not considered a security according to SEC Chair Gary Gensler, also plummeted on the news and broader market selloff.\u00a0 Altcoins lost anywhere between 3 and 10%, with Bitcoin and Ethereum coming in at roughly a 6% decline each. In the collapse, Bitcoin price briefly fell below $20,000, which is being retested as resistance turned support.\u00a0 BTC CME zoomed in and out | CME-BTC1! on TradingView.com Why $20,000 Must Hold As Support $20,000 is an important level to hold for bulls from both a technical and a psychological perspective. The key level was the peak of the 2017 bull market, and although it was lost temporarily as it\u2019s the FTX collapse, it was reclaimed in early January.\u00a0 Holding sends a message that the level won\u2019t soon be broken again, possibly ever. Falling back below it would be devastating and bury the chances of a new uptrend beginning before it ever truly got started.\u00a0 Related Reading: Forget The Past, This “Future” Bitcoin Golden Cross Could Revive Bulls The level is also right at an important gap on Bitcoin CME Futures charts, which if left completely unfilled on a closing basis could continue to act as support. In Japanese candlesticks, gaps are referred to as windows, which can work as local support if retested.\u00a0 This interesting intersection of resistance turned support, turned resistance and hopefully back into support again, is especially crucial to the entire crypto market and where the trend heads from here. Follow @TonyTheBullBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":522558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,87964,1144,78790],"class_list":["post-522556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btc-cme","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Retests $20,000 In Violent Selloff: Will The Key Support Hold?<\/title>\n<meta name=\"description\" content=\"Today, Bitcoin price lost over 6% of its value in mere hours as the top cryptocurrency by market retested the key level of $20,000 per coin.\u00a0 Why is this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Retests $20,000 In Violent Selloff: Will The Key Support Hold?","url":"http:\/\/wncen.com\/news\/bitcoin-retests-20000-violent-selloff\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-retests-20000-violent-selloff\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1372288451.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1372288451.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btc cme","btcusd","btcusdt"],"dateCreated":"2023-03-09T23:48:24Z","datePublished":"2023-03-09T23:48:24Z","dateModified":"2024-06-11T07:52:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Retests $20,000 In Violent Selloff: Will The Key Support Hold?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-retests-20000-violent-selloff\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-retests-20000-violent-selloff\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1372288451.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1372288451.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btc cme\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-03-09T23:48:24Z\",\"datePublished\":\"2023-03-09T23:48:24Z\",\"dateModified\":\"2024-06-11T07:52:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1372288451.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522556"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=522556"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522558"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}