A successful bounce off this level could ignite positive momentum and renew investor confidence. Currently hovering around $26,283, the 200-week moving average will act as a crucial support level. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring 24690 coins on 630 exchanges. A fast breakout to the upside would signal the end of the correction phase. The upcoming week holds a make-or-break moment for Bitcoin, as the analyst points out. The labor market continues to prove its resiliency. The outcome of this retest is likely to have a profound impact on the market sentiment.Īlso Read: Anthony Scaramucci: Bitcoin 50% Undervalued, ‘Explosive Returns’ Await with Key Catalyst – Coinpedia Fintech News Consolidation Phase The Dow industrials were up 0.3, or 115 points, while the Nasdaq was 1.5 higher. By continuing to use Live Coin Watch you agree to our cookies policy. After spending an extended period below the moving average, Bitcoin is currently deemed undervalued, making this retest even more significant. Historical data supports the notion that this phrase often presents an excellent opportunity for accumulation. Van de Poppe suggests that a successful retest of the 200-week MA could indicate the conclusion of the Bitcoin correction. As the market eagerly watches, Michaël van de Poppe predicts that the next few days will be pivotal for Bitcoin’s prospects, with a particular focus on the retest of the 200-week moving average (MA) as a key technical indicator.
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