At the time of writing, BTC\u2019s price trades at $20,800 with a 4% profit in the last 24 hours and an 8% loss in the past week.<\/p>\n On lower timeframes, data from Material Indicators records an increase in bid orders for BTC\u2019s price of around $18,000. There are over $49 million in bid orders. This stands as the most critical area of support for the cryptocurrency, at least in the short term, along with $20,000 due to its psychological importance in the market.<\/p>\n Between $18,000 and current levels, Bitcoin has some bids orders which could prevent a fresh attack from the bears. Material Indicators, as seen below, show over $15 million in bids orders around those levels.<\/p>\n If the price trends to the upside, there is some liquidity around $22,000 with around $8 million in asks orders for this level alone. There are more asked orders below which could suggest BTC\u2019s price will remain rangebound and in a consolidation phase for the time being.<\/p>\n A break above $22,000 or $24,000 could signal bullish continuation as those levels have important asks orders on lower timeframes.<\/p>\n Despite BTC\u2019s price consolidation of around $20,000 and its reaction to the downside pressure experienced during the past week, most inventors are bearish. Analyst Micha\u00ebl van de Poppe believes BTC could target $23,000 in the coming weeks if the cryptocurrency is able to hold around its current levels.<\/p>\n #Bitcoin<\/a> ready for $23K. pic.twitter.com\/gWUoMoFKAX<\/a><\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) June 23, 2022<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-16.png?resize=860%2C376\")
![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-MI-1.png?resize=722%2C375\")
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