BREAKING: Bitcoin’s weekly candle just closed below the 50-week moving average for the first time in 2 months.
From here, there are two paths:
1) If the bulls manage to get $BTC back above the 50-week moving average this week, a classic fakeout designed to trigger panic selling will be confirmed.
2) If we see another weekly close below that level, prepare for a drop to the low-$60,000 range.
$BTC has once again lost $71,000, with $ETH also losing $2,000 👀‼️
The next important level is $68,000, where the 200-week moving average is. It’s a key support level, and if it’s lost, it could send the price of Bitcoin much lower.
Bitcoin was rejected at the 50-week moving average (50W MA). We need to close the weekly candle above it to confirm that the $57,000 marked the bottom and that the real bull market has started.
What’s worrying is that, the last two times Bitcoin was rejected at this point, there was a significant drop.
If $BTC closes below the 50-week moving average, the next support lies at $75,500. If this level breaks, the next key point to watch is the 200-week moving average (200W MA), which is currently around $65,000.