Bitcoin price continues to decline below its 200-week moving average. However, analysts say recovering to this level is essential. As a result, if BTC wants to continue its ascent, it needs to convert the 200-week MA into support.

How is the Bitcoin price?

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

bitcoin price

“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 areas for Bitcoin. According to Van de Poppe, Bitcoin is once again facing critical resistance at $23,500. Moreover, what happens next will determine the next levels of its price. The coming hours will decide whether Bitcoin rises and falls to support at $21,500.

A possible upside break above the $23,800 resistance will pave the way for the upside. Poppe suggests that a rise to $28,000 is within the possibilities of this scenario. However, the analyst says a breakout of the 200-week MA must also occur for the upside. 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 to be bullish.

A big move is likely to happen

Cryptocurrency trader CryptoGodJohn has published the table 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: “Breakout and $24,200. I think we’re stuck between $27,000 and $28,000 pretty quickly If we start to move back into the range, I’m looking for a drop to $20,000 But it can be fairly easily invalidated either way The possibility of a two-way move was also posted by Mayne, who addressed the “potential range break” for Bitcoin A high above $22,500 has the potential to lead the way.

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