The daily moving average MA120 is generally considered to be the bull-bear dividing line in the currency market.
After Bitcoin broke through the daily MA120 on January 12, 2023, it fell back to this moving average on March 10, 2023, forming a V-shaped reversal.
The current Bitcoin market has retreated again to around the daily MA120. The current corresponding point is US$25,845. Can it hold up this time?
If the daily line of Bitcoin falls below the MA120 moving average, the overall trend is bearish. When the market is above it, the overall trend is still bullish.
Judging from the on-chain indicators, the current price of Bitcoin is close to the 200-week moving average support and the cost price of short-term holders, and the market is still fluctuating sideways.
