Bitcoin yesterday, and again today, has movedbelow the 200-day moving average (MA) at $83,370, signaling increased bearish momentum if the price remains under this key level. Staying below the 200-day MA keeps the sellers in control.
The price today is also testing the 50% retracement level of the rally from the August 2024 low, a crucial support zone. On February 28, BTC reached a low of $78,187 - below that level - but quickly snapped back higher. Today’s session has seen a low of $79,170. If this level fails to hold, the next downside target is the 61.8% retracement level near $72,535.
On the upside, Bitcoin needs to reclaim and hold above $83,370 to shift momentum back in favor of buyers. A move above this level could open the door for a retest of the 38.2% retracement level near $86,600. However, failure to reclaim the 200-day MA could keep sellers in control, increasing the risk of a deeper correction.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about bitcoin falls away from the 200 day ma and test 50 retracement was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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