An analysis has emerged suggesting that Bitcoin (BTC) faltering just before breaking through the 200-day Simple Moving Average (SMA), a key long-term resistance line, is similar to past bear market rebound patterns. CoinDesk analyzed, “The BTC 200-day line is a key indicator for judging long-term trends. The market anticipates the possibility of entering a new upward cycle, interpreting that if BTC stably settles above this range, the drop to $63,000 earlier this year was the end of the bear market. However, past cases also need attention. In March 2022, BTC rebounded to around $48,000, temporarily breaking the 200-day line, but then sharply dropped to around $20,000 by June. The current market environment generally maintains a favorable atmosphere, with falling oil prices, strong gold prices, influx of spot ETF funds, and improved on-chain indicators supporting expectations for a rise.”
