• Bitcoin (BTC) has reclaimed over $24,500 and flipped multiple-day moving averages.
• The 200-week moving average (200-WMA) is a reliable support level in previous bear market cycles for Bitcoin at $24,957.
• Another indicator of support is the 360-DMA currently stands at $25,398.
Bitcoin Flips Moving Averages
Bitcoin (BTC) has recently reclaimed over $24,500 and flipped multiple-day moving averages in the process. Several key levels of resistance must be crossed to reach the next price milestone of $25k.
60 & 120 Daily Moving Averages
The 60 daily moving average (DMA) is currently at $20,184 while the 120 DMA stands at $19,059 indicating that further upward momentum is needed before reaching key resistance levels.
200 Week Moving Average
The 200-week moving average (200-WMA) has been a reliable support level in previous bear market cycles for Bitcoin. It currently stands at $24,957 and must be broken through before reaching higher resistance levels such as the 360-DMA which currently stands at 25,398.
CryptoSlate’s Latest Market Report
CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end. This analysis points towards further potential growth for BTC if current trends continue to hold strong.
Conclusion
Bitcoin appears to have found temporary support above the 200-week moving average after reclaiming over $24,500 and flipping multiple day moving averages. However, several key resistance levels still remain before reaching new price milestones such as the 360 DMA which currently stands at 25k USDT per BTC token. CryptoSlate’s latest market report indicates that there may be more growth ahead if current trends continue to hold strong – however investors are reminded to do their own research before making any decisions related to trading cryptocurrencies as this activity carries a high risk of loss
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