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Bitcoin is trading about 20% below its all-time high reached in March. Analysts indicate market movements are giving dangerous signals. Nicholas Merten stated that Bitcoin’s failure to surpass a significant resistance level shows weakness and does not indicate a new bull market. Bitcoin’s drop below the 200-day moving average is considered a sign that the downtrend could deepen.
Bitcoin’s Performance Raises Questions
Cryptocurrency markets can experience new fluctuations at any moment. Bitcoin’s recent performance has raised questions among many investors. Bitcoin, which reached $73,000 in March, is currently trading 20% below this level. Analyst Nicholas Merten points out that Bitcoin’s downward trend paints a pessimistic picture.
According to Merten, the biggest challenge Bitcoin currently faces is failing to surpass the resistance level around the 21-day moving average. The resistance level at $62,000 is seen as the biggest obstacle to an upward movement in Bitcoin’s price. In recent weeks, Bitcoin has tested this level multiple times but has pulled back each time.
Worrisome Development in BTC
Another worrisome development is Bitcoin’s drop below the 200-day moving average. Falling below $58,000 is considered a strong signal that the downtrend has begun. Merten states that dropping below this level is a serious warning, and investors should watch this situation closely.
Merten believes that for Bitcoin to enter a new bull market, it must surpass previous high levels. A weekly close above $69,000 could be interpreted as the beginning of a new upward wave. However, the current situation shows that Bitcoin is struggling to surpass this level, indicating that the market is at an uncertain point.
Uncertainty in Bitcoin and cryptocurrencies means a risky period for investors. Bitcoin’s future performance largely depends on whether it can break this resistance level. If Bitcoin manages to rise above this level, the doors to a new bull market could open. However, if it fails, the market may experience further declines.
