(Kitco News) - Bitcoin is heading to a massive support zone from 2017. The price has been capitulating in recent sessions after the news that Celcius was restricting withdrawals. The latest hit has come as speculation spread that Singapore-based crypto fund Three Arrows may be insolvent. This has been another blow for the already beleaguered crypto industry. As some "Hodl's" may see this as a buying opportunity the weekly chart below looks like one of panic selling.
Looking at the technicals, the price is now heading to a massive support zone. It was hard to find support in recent days but now the price drop has reached 57% in the last 77 days its clear that the zone from December 2017. The support lies at $19,891.99 and beyond that, there is another level at $13,868 that could come into play. For now, the bears are in charge and it will be interesting to see how the price reacts around this area and the $20K psychological support.
