Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said recently that Bitcoin’s $20,000 range could act as a new price floor, similar to what the $5,000 range has played in the past few years.
The $5,000 price range provided support for about a year during the 2018 bear market.
In 2020, the $5,000 level has also acted as support, although BTC has briefly broken out of the range several times.
