Analysts flag Bitcoin price levels to watch after LFG sells 80K BTC

Bitcoin (BTC) needs to hold current levels and work to reclaim higher ones to avoid a crash in the $20,000 range, the latest analysis warns. 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still failing to cement $30,000 as support on the May 16 Wall Street open.

The pair had seen fresh losses after the weekly close at $31,300, this in itself disappointing market participants after sealing a record seventh consecutive red weekly candle.

Even as the Luna Foundation Guard (LFG) revealed that it had sold almost all of its BTC reserves during last week's LUNA and TerraUSD meltdown, the implied lack of future selling failed to lift the mood on markets.

"Coming days going to be very important IMO. Keep these levels, grind higher from here," popular trader Phoenix summarized in a Twitter post on the day.

Joining the consensus, fellow trader and analyst Rekt Capital likewise pointed to $20,000 being an area of interest should current levels fail to hold and buyers not materialize.

Last week's action, he added, could have already created a new trading range for Bitcoin with its macro range low at $28,800 figuring as its ceiling.

"If this turns out to be the case, Macro Range Low could flip into resistance to again reject price to lower levels," he explained.

Meanwhile, some remained cautiously optimistic on the short-term prospects, including Cointelegraph contributor Michaรซl van de Poppe.

"Not sure whether we'll be getting that test going around $28.4K, but this is a scenario where I'd be looking at," he told Twitter followers.

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