After hovering around the $20,000 to $21,000 mark, Bitcoin is finally moving in the anticipated direction. As of writing, Bitcoin price is $19,554, down 6.50% in the last 24 hours, according to CoinMarketCap.
Analysts predict Bitcoin to reach the $18000 level to find the next significant support level. “Below the $20,000 mark, the nearest significant support level is 10% lower at $18000 level.
In a rare development, BTC could make history this week by closing below the 200-week moving average. This behavior was previously observed only five times in the past. Based on recent calculations, Bitcoin’s 200-week moving average stands at around $21,700. The current price is way below this important indicator. The last time Bitcoin intercepted the 200-weekly average last was at around $5,450 in 2020.
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