The Bitcoin (BTC) price is facing a critical test as it risks violating support levels that have been crucial for the ongoing bull run. While the current drawdown from all-time highs is still relatively modest, analysts are highlighting key price levels to watch.
Matthew Hyland, a popular trader, is focusing on support at $52,000, which represents the floor of Bitcoin's supertrend indicator on weekly timeframes. This level has been a key foundation for price since mid-March 2023.
Adam Back, founder and CEO of Blockstream, argues that the market sentiment is fickle and encourages hodlers to buy the dip and increase exposure to both Bitcoin and MicroStrategy, the company with the largest BTC treasury.
Rekt Capital, a popular trader and analyst, observes that the current pullback is almost at the average retrace depth of -22% and the average retrace duration of 42 days in this cycle. He highlights that Bitcoin price history is “repeating as we speak” based on historical data.
It is important to note that this article does not provide investment advice.
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