Bitcoin is expected to resume its price history following closing the drop below the 200-weekly moving average for perhaps the first time after 2020. As per price researcher CoinMarketCap, Bitcoin is currently selling at $21,242, down by 1.42% in the past 24 hours.
This Week’s 200 WMA Is Crucial
The 200-Weekly Moving Average (WMA) is a crucial statistic that investors use to evaluate general opinion toward the flagship currency. Traditionally, when Bitcoin fell somewhere under the 200-week WMA, it signaled the end of a trend. Then this will soon resume a bullish price trend.
So unless the existing 200-Weekly Moving Average of $22,000 is not broken this week, Bitcoin will make history. This will be the first time that BTC might conclude this month below the 200-week WMA which is expected to happen at the end of June.
Plan B stated that it is becoming increasingly fascinating to watch if BTC would end the June month below the said level. Plan B’s Twitter post states the same saying the moment is getting interesting.
He quotes that Bitcoin fails to close the month of June above 200WMA ($22k), then this will be the first monthly close below 200WMA ever seen.
Even though there are still three days until the end of the month, the overall market attitude is not favorable for the flagship currency. Furthermore, traders anticipate Bitcoin returning to the $18,000-$19,000 area.
“At present, Bitcoin assistance is at $18k -19k, therefore there is a chance that bitcoin will return to this area,” stated Kings charts on Twitter post.
How Long Before Bitcoin Sees $30k Level ?
Surprisingly, Bitcoin is claimed to trade in almost the same time period between $10,000 and $31,623 as it does from $31,623 to $100,000. According to data, the present price action will last slightly over one year, while the larger range will last 487 days.
Considering the challenges and the Bitcoin price record, it remains the dominant player in the market. As per TradingView statistics, Bitcoin aims to push the crypto market with a 43.46% stake.
Glassnode stated at the start of this month that the current negative price action is likely to persist. Furthermore, data suggest that the present bear pull is nearly identical to that in 2015 and 2018.
Weeks ago, Binance CEO Changpeng Zhao commented on the Bitcoin market correction while supporting his statement. He estimated that hitting the all-time high of $68,000 would require about two years.