Bitcoin analysts are watching these BTC price levels as key trendline looms
Consensus says that $22,400 marks the start of possible bottom territory, but the downside targets technically extend all the way to $11,000.
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At around $23,400, the realized price — the average price at which each BTC last moved — is acting as the first solid support so far on lower timeframes.
Previous levels, including those highlighted as potential bottoms, have failed to hold, and sentiment continues to favor further sell-side pressure thanks to the Celsius aftermath, inflation and forthcoming actions by the United States Federal Reserve.
Where BTC/USD could put in a final macro floor, meanwhile, is now a topic of heated debate.
The first port of call for a significant drawdown is the 200-week simple moving average (200 SMA), traders and analysts agree.
At $22,370 as of June 13, the 200 SMA has acted as key support throughout Bitcoin's lifetime, with only brief wicks below it marking generational spot price bottoms.
The 200 SMA has never broken its own uptrend, and the hope is that reaching it will allow bulls a period of respite.
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