According to research, Bitcoin bulls have a lot of work to do to maintain recently gained support, but failure may still result in a BTC price decline below $20,000.

On March 5, despite new concerns of a breakdown following the weekly candle closure, bitcoin remained close to important support.

Analyst warns over fate of $20,000

BTC/USD was tracked by data from Markets Pro and TradingView as it fluctuated within a narrow range over the weekend.

Since its sudden decline on March 3, which was brought on by a margin call during the Silvergate Bank turmoil, the pair had essentially been stagnant.

Analysis cautioned that even if a close support level failed to hold, Bitcoin could still easily go considerably lower, preventing further losses.

According to the tracking tool Material Indicators, BTC price action had “lost important technical support” and bulls were now left with little to hold onto but $22,000, the location of a recent resistance/support (R/S) flip.

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The last line of defense against a retest of the trend line is the local R/S Flip zone. In the meantime, Trend Precognition is showing a downward trend,” it said in part of a tweet that day.

The trend line and the BTC/USD order book on Binance were both at risk, with bid liquidity at $22,000, according to the accompanying charts.

Michal van de Poppe, founder and CEO of trading firm Eight , issued a warning that if $21,300 failed to hold as well, $20,000 might not be able to stop the exodus.

The $21.3K area is crucial for #Bitcoin to hold. If we lose that, altcoins will fall 15 to 25% and another sweep toward $19.5Kish, he predicted on March 4.

Van de Poppe nevertheless kept a generally more upbeat outlook, saying that $40,000 might still materialize “in a few months.”

Part of a later post contained his advice, “Moral of the story: Dollar-Cost Average and have balls to buy when you don’t feel confident.

“Overwhelmingly bearish sentiment”

Research company Santiment questioned why the market response had been so severe given that Silvergate’s potential bankruptcy was still a hot topic.

Analysts revealed what they called an “unusually high amount of negative commentary about the markets” in a post devoted to the phenomenon.

It went on to say about Twitter user behavior, “It’s particularly interesting that #cryptocrash has been a key of-and-on trending hashtag on the platform, even though Bitcoin’s mild -5% pullback occurred more than three days ago.

“Typically, you can capitalize on this level of negativity on the markets, and this kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.“

The authors’ individual views, ideas, and opinions are presented here; they do not necessarily reflect or represent those of Godleak.