$BTC losing the 200-week MA definitely deserves attention, but I wouldn’t call it 2022 all over again just yet.
The 200W MA is sitting around $64K and BTC is already fighting back above that level. What matters now is not one candle below it, but whether Bitcoin starts accepting price below the MA on weekly closes.
In 2022 BTC spent months below this long-term trend level while the entire market was deleveraging. Today the setup is different, even if the chart looks uncomfortable.
For me, $64K is the line to watch. Hold and reclaim it convincingly and this could become another bear trap. Lose it for several weeks and the $60K area becomes much more vulnerable.
The next few weekly closes matter more than the headline. #BTC #Bitcoin
The 200W MA is sitting around $64K and BTC is already fighting back above that level. What matters now is not one candle below it, but whether Bitcoin starts accepting price below the MA on weekly closes.
In 2022 BTC spent months below this long-term trend level while the entire market was deleveraging. Today the setup is different, even if the chart looks uncomfortable.
For me, $64K is the line to watch. Hold and reclaim it convincingly and this could become another bear trap. Lose it for several weeks and the $60K area becomes much more vulnerable.
The next few weekly closes matter more than the headline. #BTC #Bitcoin