12 hour ago
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Bitcoin Bull Market Depends on Holding Above $82,150 Level
The Bitcoin market is experiencing high investor uncertainty, with a 14% decline in the last month, raising concerns about a potential bear market. Analyst Ali Martinez highlights that Bitcoin's extended downtrends start when its price falls below the 730-day Simple Moving Average (SMA), currently at $82,150.
Key Insights:
- The 730-day SMA has historically served as structural support during major market cycles.
- As long as Bitcoin stays above $82,150, the risk of a prolonged downtrend is minimal.
- Larger cyclical metrics indicate no macro overvaluation concerns, with the 730-day SMA × 5 band at $410,771.
Bitcoin Market Dynamics:
- Weekly exchange net outflows increased by $805 million, suggesting investor confidence and anticipation of future price rises.
- Total network fees rose to $1.96 million, a 7.69% increase, indicating higher transaction activity.
- Current Bitcoin price stands at $89,693, with a recent 2.71% decline over 24 hours.
