The past week for Bitcoin turned out to be fundamentally negative as crypto-friendly and related banks collapsed. However, at the time of writing, the world’s largest cryptocurrency showed symptoms of recovery as the weekly loss stood at just around 1.00%, even after suffering a dip below the crucial mark of 20K.
On the Fibonacci retracement table, the 0.5 FIB level acted as a strong support zone for BTC while it currently faces resistance at the 0.786 FIB level.
Technical indicators including the RSI and MACD have shown significant build-up for a positive bounce back.
Overall, BTC is facing resistance at 23K and 25K, while the support levels can be placed at 20K and 18K.