Bitcoin (CRYPTO: BTC) is battling the 200-day moving average at $82,400, the same resistance level that capped bear market rallies in 2014, 2018, and 2022 before major crashes.
200-Day MA: The Line Between $95,000 And $70,000
Analyst Benjamin Cowen pointed out that Bitcoin rallied 37% from $60,000 in February to $82,000, mirroring the 2022 bear market when a 43% rally stalled at the identical technical level between March and May.
“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,” Cowen stated.
“We actually hit that resistance which is really a key resistance during bear markets,” he added.
However, Bitcoin has breached the 200-day MA in prior bear markets. In 2014 and 2019, Bitcoin pushed above the level briefly before eventually rolling over.
Fibonacci 0.382 Level Points To $85,000
If Bitcoin breaks the …