As Bitcoin (BTC) falters just shy of breaking its key long-term resistance, the 200-day Simple Moving Average (SMA), an analysis suggests it resembles past bear market rebound patterns. CoinDesk analyzed, “The BTC 200-day line is a key indicator for determining long-term trends. The market is anticipating a new upward cycle, interpreting that if BTC stably settles above this range, the drop to $63,000 earlier this year marked the end of the bear market. However, past cases also warrant attention. In March 2022, BTC rebounded to around $48,000, temporarily breaking the 200-day line, but then plummeted to approximately $20,000 by June. Currently, the market environment largely remains favorable, with falling oil prices, strong gold prices, spot ETF inflows, and improved on-chain metrics supporting expectations for a rise.”
