bitcoinAfter closing below the 200-week moving average for the first time since 2020, it looks set to move its price history in history. Bitcoin is trading at $21,444, up 0.22% in the last 24 hours, according to CoinMarketCap.
The 200-Week Moving Average (WMA) is also known as an important metric used by traders to gauge the overall sentiment around Bitcoin. Historically, when Bitcoin fell below the 200-week WMA, BTC managed to see the bottom of this cycle. After this low, the expected positive momentum was able to catch up again.
One of the closely followed analysts, Plan B, shared his view on Bitcoin price:
“Things are getting interesting! If BTC fails to close June above 200 WMA ($22,000), this will be the first monthly close below 200 WMA ever.
Koinfinans.com As we mentioned, things are not looking good for the larger market sentiment Bitcoin, even though we are about three days into the month. Also, traders expect Bitcoin to return to the $18,000-19,000 level. “Currently current Bitcoin support is between $18,000 and $19,000, so there is a possibility that the price could touch this range again,” he shared.
Can Bitcoin Break $31,000?
Interestingly, Bitcoin is said to have traded between $10,000 and $31,623 and between $31,623 and $100,000 in the same time frame. The data shows that the current price range will last a little over a year, while the larger range will span 487 days.
“Statistically, between $10,000 and $31,623, Bitcoin should spend about the same amount of time between $31,623 and $100,000, but historically it spent 2/3 of the time in the high half of each range.”
Despite the negative developments and Bitcoin price history, it remains a larger part of the field. TradingView According to data, Bitcoin continues to dominate the crypto market with a 43.46% share.
Glassnode, on the other hand, stated earlier this month that the ongoing downward trend will continue. Also, the statistics reveal that the current bear run is almost a repeat of the 2015 and 2018 ones.
Binance CEO supporting this claim Changpeng Zhaomade a comment about the Bitcoin bear market last week. He noted that it may take another two years to reach an all-time high of $68,000. “It will probably take some time to come back. It will probably take a few months or a few years.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.