BTC Hanging By a Thread but is $17K in Play? (Bitcoin Price Analysis)

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It’s been over 9 months since Bitcoin’s all-time high at $69K in November 2021. The cryptocurrency continues its gruesome downtrend and has yet to show any signs of recovery. The market is currently quiet, but next week’s price action could be key to determining the mid-term future.The Daily Chart
Looking at the daily chart, the price has been consolidating in a tight range between $19,500 and $20,500 over the past few days, showing little intent for a significant move in any direction. The $20K support area seems to be holding the price for now.
If a bullish rebound is to happen, the 50-day and 100-day moving average lines around $23K and the $24K resistance level would be key areas to watch for as they can initiate a bearish continuation.
On the other hand, a breakdown from the $17K-$20K area could prove disastrous for the market, as, in this case, a rapid decline towards $15K and beyond would be probable. This would prolong the bear market significantly as bottom formation and accumulations take months at the end stage of bear markets.https://cryptonews.net/11827959/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared