Hi friends hope you are well, and welcome to the new update on Bitcoin.

On a daily time frame, recently Bitcoin has broken down the support of a rising wedge pattern and now testing critical support of $20700.

On a weekly time frame, once again BTC has moved below the support of 200 weekly simple moving average. If the weekly candle will be closed below 200 SMA then the situation can be more critical, however, if the candle will be closed above the 200 weekly SMA then it can again work as strong support for the priceline.

For a detailed analysis, you can also watch the video.