The long term trend still appears to be down but if you look at the weekly chart, the 10 week moving average is now close to the current price again so I believe a big move is around the corner. The million dollar question is Up or Down?
Bitcoin is now in its longest bear market in history but that doesn't surprise me given the massive rally to $20,000 that we saw a year ago. The good news is that the price of Bitcoin has bounced off the long term trend line twice now. This to me shows the bulls have been accumulating and short sellers are starting to take profits. Keep an eye on the important Bitcoin levels to watch below.
Long Term Bitcoin Price Trend line - $3298 - Has been holding for months
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Long Term 10 Week Moving Average - $3626
Last Major High for Bitcoin - $4193
Bitcoin 200 Day Moving Average - $5534
Long Term 50 Week Moving Average - $6547
We saw several bear market rallies last year but the last major one during the summer failed at the Long Term 50 Week Moving Average. See the chart below.
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