Bitcoin may be moving closer to One technical analyst thinks the market is not yet in that long-term zone of support that marked major bottoms during previous cycles.
Bitcoin’s week-to-week moving averages are a good indicator for when this downturn will be over. This setup suggests that current price movement may be a sign of a correction. narrowing to form a bottomOne more leg could be below $60,000.
Bitcoin is already in a Late Stage Correction
Bitcoins have been around for a while. an extended downtrend since In October 2025 it will have dropped by nearly 50% since its peak of over $126,000. Bitcoin is currently trading at around $70,00, with a large body of evidence showing that the price movement has been erratic. trading at an accumulation zone, The bottom might not be reached yet.
Related Reading
The following is a list of a weekly chart analysis Shared by @thescalpingpro, Bitcoin’s long-term moving averages are converging. These have been the benchmarks for every cycle bottom in 2018. The final leg could take Bitcoin below $60,000 to establish a floor.
According to technical analysis, the 200-week-moving average (WMA) and 300-week-moving average (MWA) are structurally the foundation of Bitcoin’s history. Back in 2018, Bitcoin reached its bottom at the 200 week moving average (WMA), which marked the conclusion of a 84% drop from the cycle’s peak. In March 2020, the COVID crash was brief, but it sent Bitcoin’s price through the 200WMA, into the 300WMA, and then sharply back down.
Bitcoin then bottomed again around the 300 WMA in 2022 during the FTX Crash and collapse of the Crypto Credit Market. It completed the pattern which has repeated itself in three distinct market cycles and under three totally different macroeconomic conditions.
Bitcoin Price Chart. Source: @thescalpingpro On X
What is the future of Bitcoin?
Bitcoin has fallen by 1.8% since the previous day, trading at $68,820. Bitcoin has been a popular cryptocurrency. still trading above both Moving averages, but neither has been meaningfully tested. The 200-WMA sits currently at $59268, while its 300-WMA is at $51,805. The two levels define the accumulation zone that is most likely to occur at the bottom. zone for the current correction.
Related Reading
This is what the red box on the left side of the graph above indicates. It is possible that the price will still drop into the upper part of the resistance band, near the 200 week moving average. In a stronger selloff it may even slide to the 300 week moving average at around $51,800.
Featured Image created using Dall.E and chart from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
