Over the past few weeks, the price of Bitcoin has ranged between $60,000 and $74,000, suggesting that the direction the price breaks through in this range could be a determinant of the direction the entire market will take next. After falling more than 45% already, all attention now turns to when The leading cryptocurrency will make a new bottom. So far, the bulls have held up surprisingly well, but there is still a “line in the sand” that the price must not cross.
The overall structure of Bitcoin remains bullish
Currently, Bitcoin price is still holding well above its 200-week moving average, which is very bullish for the price, according to cryptocurrency analyst Crypto Patel. This is because in past market cycles, the 200-week moving average was the key level to hold or beat.
Mining past sessions, Crypto Patel He explained That the Bitcoin price was able to stay above the 200-week moving average in 2015. The result of this was Big pool Which saw the price of Bitcoin rise towards $20,000 in the ensuing bull market.
Then again, in 2019, the same 200-week moving average held steady, and the resulting bull market led to a 2021 peak of $69,000. Even for the third time in 2023, despite the price collapsing significantly below $20,000, Bitcoin managed to hold above the 200-week moving average, and the bulls were rewarded as the price will reach $126,000 in 2025.
In light of this trend, it becomes clear that Bitcoin price is above the 200-week moving average Bullish, likewise, a breakdown below it would be bearish. This is why It is important that bulls keep Hold at this level.
The BTC price must be at least $59,000
According to the analyst’s post, Bitcoin’s current 200-week moving average is at $59,000. This immediately makes him the right level for the bulls to defend. As Crypto Patel explains, as long as the price of Bitcoin remains above this level, “every drop is a gift.” This means it may be a buying opportunity.
If historical trends are respected, holding the 200-watt moving average means that the Bitcoin price will be respected Seeing all-time highs Sometime in 2028. “Macro structure remains bullish. Don’t let short-term fear shake you,” the analyst warns.
Alternatively, a break below the 200-week moving average may occur It could be disastrous for BitcoinBecause this means that the cryptocurrency has now officially entered bear market territory. It could also presage a further decline, sending the cryptocurrency lower before hitting the bottom.
Featured image from Dall.E, chart from TradingView.com
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