Bitcoin Retests Moving Average That Marked All Major Market Bottoms

2023-6-8 03:03

Bitcoin price is falling, crypto is crumbling, and the United States SEC appears to be out for blood. But before a bloodbath occurs across the digital asset market, the top cryptocurrency by market cap is making a stand at a key level.

In fact, BTCUSD is retesting an important moving average that in the past marked ever single major bear market bottom. Take a look below.

SEC Onslaught Brings Bitcoin Down Against The 200-Week Moving Average

The cryptocurrency market is on the ropes, quite literally. On weekly timeframes, BTCUSD has touched back down on the 200-week moving average. The pullback comes in the wake of a string of SEC-made charges against top crypto exchanges this week. Both Binance and Coinbase have been caught in the crosshairs.

Although the onslaught mostly focused on altcoins which are now deemed securities, the sell pressure has been able to cut Bitcoin down a few notches. But it is holding on for dear life.

The 200-week moving average makes for an ideal location for a bounce, as this is where Bitcoin has put in a bear market bottom in the past.

Why It’s Critical For BTCUSD To Hold For Renewed Confidence In Crypto

Upon zooming out, we can see that a major bottom was put in when BTCUSD touched the line several times in 2015. It served as the bottom bounce yet again in 2018, and one more time in 2020 after the COVID crash.

Considering its track record of success, it was especially shocking to see the moving average lost in 2022 following the LUNA collapse. Bitcoin then spent a cumulative 36 weeks below the long-term span. When the US banking sector began to fall apart in March 2022, BTCUSD rocketed above the line for the first time since losing it.

Now, it finds itself back there, even piercing the ever-critical line. Support is holding at the moment and the weekly is currently forming a hammer – a potential bullish reversal candlestick pattern. It is far too early to tell, however, considering there are still several days left before the weekly candle closes.

If Bitcoin can hold above the 200-week moving average, it could tell the market that the bottom is in and finally lead to some renewed confidence in the crypto market. Losing the line again would be unprecedented, but then again, few thought it would be lost in 2022.

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market bitcoin level occurs across bloodbath blood

market bitcoin → Результатов: 126


Фото:

Margin Of Safety Indicates Bitcoin Undervaluation Below $90K Amid Prevailing Market Pessimism

Bitcoin showed unpredictable price action yesterday, plummeting to a low of $89,100 before staging a rapid recovery to reclaim the $96,000 mark. This sharp move is often seen as a liquidity sweep orchestrated by market makers to clear out leveraged positions, a tactic that fuels short-term volatility but strengthens the market’s long-term structure. Related Reading: […]

2025-1-15 11:30


BlockDAG Leads with $150M Presale as Crypto Market Tops $3.1T, Bitcoin ETFs and Ethereum Price Grow

The cryptocurrency market has soared, reaching a new pinnacle with a total market capitalization of $3. 13 trillion, establishing the sector as a formidable economic force. This surge reflects in the growing appeal of Bitcoin ETFs, which have seen unprecedented inflows, while Ethereum (ETH) sets its sights on managing $10 billion in assets.

2024-11-25 04:00


Bitcoin’s Big Week: Election, FOMC Meeting, And Strong Signs Of A Bull Market

As the market faces one of its most volatile weeks—amid the U.S. election and the Federal Open Market Committee (FOMC) meeting—Bitcoin appears primed for a lasting rally. Historically, major bull runs have followed post-election periods, and analysts are optimistic about Bitcoin’s potential, forecasting it could hit $100,000 by year’s end, […]

2024-11-5 08:22


Bitcoin’s (BTC) Bullish Patterns Emerge: Is a Market Super Cycle on the Horizon? Pay Attention to These Metrics

Bitcoin’s trading pattern lately reveals a consistent sideways movement, with fluctuations between $60,000 and $72,000. This trend, as highlighted by top cryptocurrency analyst Doctor Profit via a tweet on X, mirrors historical market behaviors that have typically preceded significant price increases.

2024-4-29 09:30