Bitcoin could drop to the $20,000 range if a key price level is breached

• Bitcoin is testing a key support level that, if broken, could send the cryptocurrency back to the $20,000 range.
• That's according to Fairlead Strategies' Katie Stockton, who highlighted $25,200 as bitcoin's line in the sand.
• "We are wary of negative catalysts that could develop from a bigger retracement," she said.

Bitcoin decisively broke below its 200-day moving average last week, and the negative price action suggests there could be more downside ahead in the short term.

That's according to Fairlead Strategies' Katie Stockton, who said in a recent note that the $20,000 range for bitcoin could be back in play after it bounced strongly from those levels earlier this year.