Bitcoin & Markets

BITCOIN PRICE UPDATE | Simple Support and Resistance

- Price action resolved downward from last week's squeeze between the 20-day and 200-day moving averages, with Bitcoin finding support around the 50-day MA rather than breaking higher. - Support levels holding: Price dipped to just above the 50-day MA (~$75,000), indicating residual bullish bids above that level. Wicks didn't touch the MA itself, suggesting game-theory-driven attention on common moving averages. - Base case: sideways trading in the 70s for two to three more weeks, with potential wick down to $73,000 to grab liquidity before recovery. - June breakout expected: By June, the 200-day MA will drop below $80,000, making upside breakout easier. Next major targets are $85,000–$90,000. - Long-term MA analysis: Study of 200-day and 365-day moving averages across multiple cycles reveals bear markets feature "death crosses" (200-day crossing below 365-day) with backtesting of both MAs. Current setup lacks this pattern, suggesting strength once the 200-day is broken. - 365-day MA as future resistance: Once Bitcoin breaks above the 200-day in June, the 365-day MA (expected around $93,000–$94,000) becomes the next significant target.