Bitcoin is still struggling to reclaim the $20,000 level
price remains on the ropes in spite of its impressive recovery, according to Oanda analyst Edward Moya.
Bitcoin's medium-term price performance will hinge on whether or not bears can manage to break below the $17,600 level, which remains the low of 2022. If Bitcoin does manage to drop below the aforementioned level, this could trigger a lot of"technical selling." As reported by U.Today, Bitcoin saw a very sharp drop on Thursday due to higher-than-expected inflation. However, the largest cryptocurrency swiftly pared losses and ended up finishing the day in the green in a stunning whiplash. Major stock market indices, such as the S&P 500, mounted their biggest comeback in years, shocking market participants.
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