Bitcoin needs to hold up here...

The bounce ended up breaking the downtrend that's been in place since the highs back in late 2021.

However, we are now at a spot where the price should hold up if the positive momentum is to continue.

Check it out:

(Source: https://twitter.com/rovercrc/status/1624375696716865536/photo/1)

A downtrend break and then a retest of that downtrend is a very common occurrence, and the price tends to hold up at that trendline.

If that were to continue we would expect the current levels to be near the lows for this pullback.

That being said, it doesn't seem impossible that $20k could be retested as well without the overall bullish momentum being over.

However, a break of $20k would likely mean bad news for a recovery for bitcoin, and a possible retest of the $15k lows could be in order...