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bitcoin price is started to rise After sharp bear market correction. This massive rally came after a fresh start in 2023, but if BTC can turn certain levels into support floors, things could get interesting.
Also Read: Bitcoin Weekly Forecast: BTC’s Changing Narrative and Critical Levels of Valuation to Watch Out for
Bitcoin price has fallen 77% from its all-time high of $69,000. This downtrend is a result of investors posting profits and the disruption of key industry players in a feedback loop.
Each move continued to put additional pressure on industry participants, causing them to collapse and file for bankruptcy, which in turn put pressure on Bitcoin’s price to fall further.
Anyway, 2023 is off to a good start, as is BTC About 36% up So far, after an 8% overnight gain, Bitcoin’s price has crossed the key hurdle of $21,383. With this development, the bull now faces his one major blockade.
This resistance level is the confluence of the horizontal barrier at $23,384 and the 200-week Simple Moving Average (SMA) at $24,645. The last time Bitcoin price dipped below this SMA was in June 2022 and March 2020.
An interesting thing to note here is that Bitcoin has never been below this support level for an extended period of time in its 12-year history. Therefore, the bulls are likely to target this hurdle next.
Succeeded in reversing this confluence, Especially $24,645 Entering the support floor in the weekly time slot paves the way for Bitcoin price to retest the $30,000 hurdle.
BTC/USDT 1-week chart
Bitcoin’s price is trending upwards, but it’s the first time in its 12-year history that Bitcoin has been below the 200-week SMA for more than two weeks. But it’s a big move from a macro perspective that investors need to watch out for, as the 2022 bear market pushed the big crypto below this level of his $24,645.
While the bullish outlook looks bleak, the refusal of the 200-week SMA at $24,645 will be an important sign for the bears. A breakdown of the $19,301 support level provides secondary confirmation of the bearish outlook.
every week candlestick However, a break below the $15,443 level will form a low and invalidate the bullish thesis. In such a case, Bitcoin price could fall to $11,387.
