Duong says that from a price-chart perspective, bitcoin is in a “no-man’s land” with the next major technical support at the 200-week moving price average around the $22,000-23,000 area. “If things were to deteriorate further, the next line of support would come at around $20,000, which was the all-time high in the previous 2017/2018 cycle,” according to Duong.

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