Here’s a breakdown of what is going on with Bitcoin and Crypto. Bitcoin has recently Weekly closed above the 200 Weekly Exponential Moving Average (a long-term gauge of investor sentiment) which was a positive sign, but the downside has continued since then. Now it is a question of whether this 200 WEMA is now a resistance, while before it was serving as a support. If it turns into a resistance, further downside for BTC could be expected.
The most interesting thing in term’s of BTCUSD price action is that it has retraced towards the top of the ranging period, the accumulation zone from the previous cycle where $4150 was breached to see new Yearly Highs for Bitcoin. This level was a resistance on April 1st 2019 and now it is figuring as a support. It is also confluent with the uptrending trend line that has spanned a few years. This is the region I will look for Bitcoin to hold.