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How Long Will Bitcoin (BTC) & Ethereum (ETH) Prices May Hold $20,000 & $1000 Levels?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 15, 2022

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Highlights

    Bitcoin price rebounded from the levels just above $20,000 three times in the past couple of hours portraying these zone to be one of the strong support levels

    While the short-term bounces from particular levels may be looked at as an interim relief from descending trend, eventually these levels may be broken down soon

Bitcoin & Ethereum prices yet again successfully defended their respective crucial zones at $20,000 & $1000. The assets are currently undergoing huge bearish pressure which is being challenged by the bulls often to maintain the support levels. However, similar to what had happened with $30,000 support levels, similar price action may be replicated as these levels may also bow down to bears very soon. 

Sometime before, the BTC price was holding $30,000 price levels for nearly a month. However, the Celsius Network crisis created immense upward pressure that compelled the price to dive deep into a bearish well. No doubt, the asset has defended the $20,000 levels a couple of times, but eventually after the support zone losses its strength, the asset tends to tank down hard. 

One of the popular analysts here pens down that why the $20,000 and $1000 levels may not be held for a long time.

The analyst here lists 3 main points that could fuel the BTC price plunge below $20,000 soon. As the market currently is pretty bearish, the traders could keep on placing their sell orders with just a minor spike. On the other hand, the Open Interest (OI) may keep on building which indicates the present trend may be continued ahead. And moreover, a continued trend may eventually kill the demand in the market. 

On the other hand, the previous BTC highs just below $20,000 remain unattended for quite a long time. The asset sliced through these levels in Q4 2020 and maintained a strong upswing without a correction or retracement. Therefore, the possibility of revisiting these levels piercing through $20,000 is extremely high. And hence in such conditions the lower support at $18,000 may hold the BTC price for some time. 

Similar price action may be speculated for the Ethereum(ETH) price where it may soon bow down to bears losing the $1000 support levels. Therefore, if Bitcoin’s (BTC) price losses it’s previous ATH at $19,696, then ETH’s price may also slide down below $800 to hit $750 levels soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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