Crypto: Bitcoin Must Close Week At $68.3k To Avoid 'bearish Acceleration':...

Bitcoin may continue to copy its 2022 bear market if bulls fail to reclaim the 200-week exponential moving average by the end of the week, new analysis said.

Bitcoin (BTC) battled a key 200-week trend line around Thursday’s Wall Street open as “bearish acceleration” fears persisted.

Bitcoin threatens to add the 200-week exponential moving average to its list of new resistance levels.

History offers lessons for what happens when price rejects the key 200-week trend line.

Mayer Multiple values continue to show BTC in deep “oversold” territory.

Data from TradingView showed BTC price action focusing on the area around $67,000 for a second day.

Bulls already faced a lack of momentum, which stopped them from reclaiming the old 2021 all-time high of $69,000.

Now, Bitcoin’s 200-week exponential moving average (EMA) came into focus as a potential second new resistance level.

Commenting on the phenomenon, trader and analyst Rekt Capital employed comparisons to previous Bitcoin bear markets to warn that a failure to rescue the 200-week EMA would result in worse price downside.

“What would confirm additional downside for Bitcoin? Historically, a Weekly Close below the 200-week EMA (black) followed by a post-breakdown retest of the EMA into new resistance (red circles) has triggered additional Bearish Acceleration,” he wrote alongside a chart on X.

Source: CoinTelegraph