As the Bitcoin price is highly unsettled and uncertain since the market collapsed in May 2022. However, several efforts to revive the bullish trend were made but sadly it resulted in a notable led down. Moreover, both the market participants and the whales have turned out to be less confident about the upcoming rally, which may negatively affect the purchasing pressure.
According to Coinpedia, with a fall below 300-Week MA levels which is painted in white, a bullish cross among the 50-day(Yellow) and 100-day(Red) MA levels is observed. This cross indicated the end of the new highs. Hence, a similar price action is assumed to undergo currently, but the breach via 300-week MA is concerning.
Also, Bitcoin is not only battling the moving average but it just violated it considerably. It is not that all is lost yet as the weekly close is yet to accomplish. Hence, a bullish close above $18,000 may invalidate the bearish trajectory to open the way for the bulls to fire a recovery phase at the earliest.
In the case of the bearish wave impulsion, the less support at the 400-week MA across $13,700 may hold the price tightly so that Bitcoin may bounce off the bearish captivity.
According to Coinpedia, with a fall below 300-Week MA levels which is painted in white, a bullish cross among the 50-day(Yellow) and 100-day(Red) MA levels is observed. This cross indicated the end of the new highs. Hence, a similar price action is assumed to undergo currently, but the breach via 300-week MA is concerning.
Also, Bitcoin is not only battling the moving average but it just violated it considerably. It is not that all is lost yet as the weekly close is yet to accomplish. Hence, a bullish close above $18,000 may invalidate the bearish trajectory to open the way for the bulls to fire a recovery phase at the earliest.
In the case of the bearish wave impulsion, the less support at the 400-week MA across $13,700 may hold the price tightly so that Bitcoin may bounce off the bearish captivity.
