Critical Hours Have Begun For Bitcoin: These Levels Are Expected!

Bitcoin price continues to decline below its 200-week moving average. However, analysts say that retrieving this level is critical. Accordingly, if BTC wants to continue its rise, it has to convert the 200-week MA to support.

How is the Bitcoin price?

The mood in the cryptocurrency ecosystem has become noticeably brighter after a week of gains. This bullish move helped investors look positively to the future. It also had them pull an eraser on the events of the past two months. As we reported, Bitcoin price has been moving around the $23,000 support in the past few days. Also, recent prices show that BTC continues to stay slightly above the 200-week moving average (MA). The aforementioned moving average contains lows that occurred in past bear markets. However, the debate about the direction of the market continues to flare up. Analysts, on the other hand, share important levels to watch towards the end of the week. Let’s see together.

“BTC should close weekly above this level”

Cryptocurrency analyst Michaël van de Poppe highlighted the importance of trading Bitcoin above the 200-week MA. The market analyst has published a chart showing the main support and resistance zones for Bitcoin. According to Van de Poppe, Bitcoin is again facing critical resistance at $23,500. Also, what happens next will determine the next levels of its price. The hours ahead will decide whether Bitcoin will rise higher and pull back to support at $21,500.

A possible upside break above the $23,800 resistance will clear the way for a rise. Poppe suggests that a rise to $28,000 is among the possibilities in this scenario. However, the analyst says a breakout of the 200-week MA must also occur for bullishness. Alongside Poppe, market analysis firm Rekt Capital also highlighted the importance of the 200-week MA. According to the firm, BTC needs to make the weekly close above $22,800 for bullishness.

f1474334 be26 48db be48 c3e84483cc60

A big move is likely to come

Cryptocurrency trader CryptoGodJohn has released the chart below outlining two possible paths Bitcoin can take. The trader considered the recent price action “a sign of a big move for Bitcoin soon,” John shared: “Breaking up and $24,200. I think we’re stuck between $27,000 and $28,000 pretty quickly. If we start going back into the range, I’m looking for a drop to $20,000. But it can be quite easily invalidated either way.” The possibility of a move in either direction was also posted by Mayne, who addressed the “breaking of the potential range” for Bitcoin. A high above $22,500 has the potential to open the way up.

Disclaimer: The articles and articles on AmkNews do not constitute investment advice. does not recommend buying or selling any cryptocurrencies or digital assets, nor is AmkNews an investment advisor. For this reason, AmkNews and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Warning: Citing the news content of AmkNews and quoting by giving a link is subject to the permission of AmkNews. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of AmkNews in violation of intellectual property law and relevant legislation.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.