After months of consolidation, Bitcoin’s price has lost key support levels that could signal the start of a new bear market.
Following Bitcoin’s surge to new all-time highs in March, Bitcoin’s price has remained mostly rangebound between $58,000 and $70,000, including a brief crash below to $50,000 in August. This consolidation period has given the 200-day SMA enough time to catch up to, and now surpass the market price. “This is similar to 2018, 2019, and mid-2021 which signaled many investors were at risk of panicking and precipitating a bearish trend,” Check wrote.
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