After closing below the 200-weekly moving average for the first time since 2020, BTC looks likely to continue the Bitcoin price history. As of writing, Bitcoin is trading at $21,444, up 0.22% in last 24 hours, according to price tracker CoinMarketCap.
What Is Bitcoin’s Current 200-Weekly Moving Average?
The 200-Weekly Moving Average (WMA) is a key metric used by traders to gauge the overall sentiment around Bitcoin. Historically, whenever Bitcoin dropped below the 200-week WMA, BTC realized the bottom for that cycle. Immediately, it would regain with a positive price momentum.
If the current 200-Weekly Moving Average of $22,000 is breached this week, it would mean Bitcoin would make history. The end of June could witness for the first time ever that BTC closed a month below the 200-week WMA.
Plan B said it was getting interesting to see if BTC would close the month below that level. He tweeted,
“This is getting interesting! If BTC does not close June above 200WMA ($22K) that would be the first monthly close below 200WMA ever.”
Although we have around three days still to go for the month end, the larger market sentiment is not looking good for Bitcoin. Also, traders expect Bitcoin coming back to the $18,000-$19,000 level. “Right now current Bitcoin support is at $18k -19k, so there is possibility that price will touch this range again,” said Kings charts on Twitter.
How Long Before Bitcoin Breaks $31,000?
Interestingly, Bitcoin is said to be trading for same time frame between $10,000 and $31,623 as between $31,623 and $100,000. Data suggests the current price range would span for just over an year while the bigger range would span for 487 days.
“Statistically, Bitcoin should spend about the same amount of time between $10K to $31,623 as $31,623 to $100k but historically has spent 2/3 of the time in the high half of each range.”
Despite the headwinds and the Bitcoin price history it continues to be the larger part of the space. Bitcoin continues to dominate the crypto market with a 43.46% share, according to data from TradingView.
Earlier this month, Glassnode said the ongoing bearish trend is likely to continue. Also, statistics reveal that the current bear run is almost a repeat of that in 2015 and 2018.
Supporting this claim, Binance CEO Changpeng Zhao made a comment on Bitcoin bear market last week. Reaching the all time high of $68,000 could take another two years, he stated. “It will probably take a while to get back. It probably will take a few months or a couple of years.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/bitcoin-on-course-of-making-history-this-month-heres-why/