Bitcoin (CRYPTO: BTC) got rejected by the 200-day moving average at $82,400 on Thursday, mirroring the exact pattern from the 2022 bear market when a similar bounce failed at the same technical level.
Same Rejection Pattern As 2022 Bear Market
CryptoQuant Head of Research Julio Moreno pointed out that Bitcoin rallied 37% from $60,000 in February to $82,000 before hitting resistance at the 200-day MA.
In 2022, Bitcoin posted a 43% rally between March and May before rejecting at the identical technical level.
“We have had a really good rally since the lows of February, but still what I’m telling here is that it’s a bear market rally,” Moreno stated. “We actually hit that resistance which is really a key resistance during bear markets,” he added.
The 200-day moving average at $82,400 has proven to be a critical ceiling. Bitcoin touched it but failed to …