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Bitcoin (BTC), currently trading around the $80k range, is down 11.3% from the previous week. Recent declines have pushed Bitcoin (BTC) below its 200-day MA, raising fears of a deeper drop.
Bitcoin must defend this key price level
As per X post According to seasoned cryptocurrency analyst Ali Martinez BTC has now fallen below the 200 day MA. This is a significant price level which historically has been a solid support for this top digital currency.
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The 200-day MA, for those who are not familiar with it, is a well-known technical indicator. It represents the BTC average price over the past 200 days in order to determine the price trend. A sustained move above the 200-day MA is historically associated with long-term price trends, while prolonged movement below this level often signals further falls.
Martinez reiterated that BTC’s price must stay above the TD Sequential Indicator’s $79,280 risk line. A sustained rise above the $79,280 risk line could lead to a rebound on the upside.
Ted also expressed his belief in the potential of BTC’s recovery. He noted in a blog post at X that BTC had undergone corrections of 25%-30% over the last two years before regaining new highs. Ted noted:
BTC decreased from $30K down to $22K by 2023. BTC will go from $74K in 2024 to $50K. BTC’s value has dropped from $109K in 2017 to $79K this year. All of us know the results after two major market corrections.
BTC could easily reach $104,000 if it follows the same pattern. However, broader macroeconomic factors – such as US President Donald Trump’s trade tariffs and the Federal Reserve’s (Fed) monetary policy – could significantly impact BTC’s trajectory.
BTC needs to Reclaim 84,000 first
Then there’s another post Martinez outlined BTC’s potential path towards a new ATH. Martinez stressed the importance of BTC reclaiming $84,000 to act as a level of support before any upward movement. The digital asset may rally to 128,000 once this major milestone has been achieved.
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Multiple indicators BTC’s recent price declines may indicate that it has already reached a bottom locally, which increases the likelihood of a trend change. Rekt capital, a crypto analyst recently pointed out that BTC’s plunge The cycle’s low point could be $78,258.
The US Dollar Index DXY has also just increased. recorded BTC has experienced one of the largest weekly drops since 2013. This is a sign that risky assets, like BTC, are on an upward trend. BTC was trading for $80,137 at the time of publication, down by 3.5% over the last 24 hours.
Charts and images are from TradingView.com, X.com.
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Source: www.newsbtc.com
