Bitcoin has been on a wild ride lately. It’s been booming, gaining over 300% since the start of 2023, and even hitting a new all-time high of $73,750 in March 2024. But things have taken a turn recently.
A Dip Below the 200-Day SMA
Bitcoin’s price has dipped below its 200-day Simple Moving Average (SMA). This is a big deal because the SMA is a common tool traders use to track price trends. When a price crosses above the SMA, it’s usually a sign of a price increase. But when it dips below, it’s often seen as a signal to sell.
One crypto analyst, Ali Martinez, believes this dip is temporary and a great opportunity to buy Bitcoin. He thinks Bitcoin will continue its bullish trend. But if Bitcoin stays below the SMA for a long time, it could signal a bear market for the cryptocurrency.
What’s Next for Bitcoin?
Bitcoin’s price is currently around $59,995, and it’s been struggling lately. It lost over 8% of its value in the last month, even dipping below $50,000. Despite this, many investors are still bullish on Bitcoin, believing it will reach six-figure values in the long run.
However, Bitcoin faces some resistance levels in the short term, with $62,000 and $70,000 being key hurdles. It’s unclear which way Bitcoin will go next, but it’s definitely a volatile market.
