{"id":536914,"date":"2023-06-08T00:03:07","date_gmt":"2023-06-08T00:03:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=536914"},"modified":"2024-06-11T07:02:28","modified_gmt":"2024-06-11T07:02:28","slug":"bitcoin-retests-moving-average-that-marked-all-major-market-bottoms","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-retests-moving-average-that-marked-all-major-market-bottoms\/","title":{"rendered":"Bitcoin Retests Moving Average That Marked All Major Market Bottoms"},"content":{"rendered":"

Bitcoin price is falling, crypto is crumbling, and the United States SEC appears to be out for blood<\/a>. But before a bloodbath occurs across the digital asset market, the top cryptocurrency by market cap is making a stand at a key level.<\/p>\n

In fact, BTCUSD is retesting an important moving average that in the past marked ever single major bear market bottom. Take a look below.<\/p>\n

\"BTCUSD_2023-06-07_12-04-05\"<\/p>\n

Bitcoin retests the 200-week moving average | BTCUSD on TradingView.com<\/a><\/pre>\n
SEC Onslaught Brings Bitcoin Down Against The 200-Week Moving Average<\/h2>\n
The cryptocurrency market is on the ropes, quite literally. On weekly timeframes, BTCUSD has touched back down on the 200-week moving average. The pullback comes in the wake of a string of SEC-made charges against top crypto exchanges this week. Both Binance and Coinbase have been caught in the crosshairs.<\/p>\n
Related Reading: Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023<\/a><\/div>\n
Although the onslaught mostly focused on altcoins which are now deemed securities, the sell pressure has been able to cut Bitcoin down a few notches. But it is holding on for dear life.<\/p>\n
The 200-week moving average makes for an ideal location for a bounce, as this is where Bitcoin has put in a bear market bottom in the past.<\/p>\n
\"BTCUSD_2023-06-07_12-03-44\"<\/p>\n
The line must hold for Bitcoin bulls | BTCUSD on TradingView.com<\/a><\/pre>\n
Why It’s Critical For BTCUSD To Hold For Renewed Confidence In Crypto<\/h2>\n
Upon zooming out, we can see that a major bottom was put in when BTCUSD touched the line several times in 2015. It served as the bottom bounce yet again in 2018, and one more time in 2020 after the COVID crash.<\/p>\n
Considering its track record of success, it was especially shocking to see the moving average lost in 2022 following the LUNA collapse. Bitcoin then spent a cumulative 36 weeks below the long-term span. When the US banking sector began to fall apart in March 2022, BTCUSD rocketed above the line for the first time since losing it.<\/p>\n
Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom<\/a><\/div>\n
Now, it finds itself back there, even piercing the ever-critical line. Support is holding at the moment and the weekly is currently forming a hammer \u2013 a potential bullish reversal candlestick pattern. It is far too early to tell, however, considering there are still several days left before the weekly candle closes.<\/p>\n
If Bitcoin can hold above the 200-week moving average, it could tell the market that the bottom is in and finally lead to some renewed confidence in the crypto market. Losing the line again would be unprecedented, but then again, few thought it would be lost in 2022.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is falling, crypto is crumbling, and the United States SEC appears to be out for blood. But before a bloodbath occurs across the digital asset market, the top cryptocurrency by market cap is making a stand at a key level. In fact, BTCUSD is retesting an important moving average that in the past marked ever single major bear market bottom. Take a look below. Bitcoin retests the 200-week moving average | BTCUSD on TradingView.com SEC Onslaught Brings Bitcoin Down Against The 200-Week Moving Average The cryptocurrency market is on the ropes, quite literally. On weekly timeframes, BTCUSD has touched back down on the 200-week moving average. The pullback comes in the wake of a string of SEC-made charges against top crypto exchanges this week. Both Binance and Coinbase have been caught in the crosshairs. Related Reading: Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023 Although the onslaught mostly focused on altcoins which are now deemed securities, the sell pressure has been able to cut Bitcoin down a few notches. But it is holding on for dear life. The 200-week moving average makes for an ideal location for a bounce, as this is where Bitcoin has put in a bear market bottom in the past. The line must hold for Bitcoin bulls | BTCUSD on TradingView.com Why It’s Critical For BTCUSD To Hold For Renewed Confidence In Crypto Upon zooming out, we can see that a major bottom was put in when BTCUSD touched the line several times in 2015. It served as the bottom bounce yet again in 2018, and one more time in 2020 after the COVID crash. Considering its track record of success, it was especially shocking to see the moving average lost in 2022 following the LUNA collapse. Bitcoin then spent a cumulative 36 weeks below the long-term span. When the US banking sector began to fall apart in March 2022, BTCUSD rocketed above the line for the first time since losing it. Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom Now, it finds itself back there, even piercing the ever-critical line. Support is holding at the moment and the weekly is currently forming a hammer \u2013 a potential bullish reversal candlestick pattern. It is far too early to tell, however, considering there are still several days left before the weekly candle closes. If Bitcoin can hold above the 200-week moving average, it could tell the market that the bottom is in and finally lead to some renewed confidence in the crypto market. Losing the line again would be unprecedented, but then again, few thought it would be lost in 2022. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":536923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524],"class_list":["post-536914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt"],"acf":[],"yoast_head":"\nBitcoin Retests Moving Average That Marked All Major Market Bottoms<\/title>\n<meta name=\"description\" content=\"Bitcoin price is falling, crypto is crumbling, and the United States SEC appears to be out for blood. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/ktsl888.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Retests Moving Average That Marked All Major Market Bottoms","url":"http:\/\/ktsl888.com\/news\/bitcoin-retests-moving-average-that-marked-all-major-market-bottoms\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-retests-moving-average-that-marked-all-major-market-bottoms\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/iStock-1308820789.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/iStock-1308820789.jpg?fit=2347%2C1277"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt"],"dateCreated":"2023-06-08T00:03:07Z","datePublished":"2023-06-08T00:03:07Z","dateModified":"2024-06-11T07:02:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Retests Moving Average That Marked All Major Market Bottoms\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-retests-moving-average-that-marked-all-major-market-bottoms\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-retests-moving-average-that-marked-all-major-market-bottoms\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1308820789.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1308820789.jpg?fit=2347%2C1277\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\"],\"dateCreated\":\"2023-06-08T00:03:07Z\",\"datePublished\":\"2023-06-08T00:03:07Z\",\"dateModified\":\"2024-06-11T07:02:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/06\/iStock-1308820789.jpg?fit=2347%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/536914"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=536914"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/536914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/536923"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=536914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=536914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=536914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}