Bitcoin just surpassed a price milestone it has been holding for two months, and sellers are calling the shots now.
That reliable landmark? Average Bitcoin price over the last 100 weeks. Since November, this so-called 100-week simple moving average has consistently acted as a safety net, a level at which buyers have continued to buy on every dip for nine weeks in a row.
But today, prices have fallen below $85,000, moving convincingly below the 100-week average line, as seen in the chart below. The breakout means that sellers have dominated all the buying power around the support, establishing a potential path lower.
So where can the sell-off find the next wave of buyers?
In April last year, buyers emerged around $75,000, halting the sell-off at that time, making it a key level to watch now.
Below that, the next support is at the 200-week average, which is at $58,000.
While chart patterns are popular, they don’t always guarantee directional bets, like any general or fundamental clues. Smart traders always keep an eye on a key level that, if recovered, turns the bearish vibe around.
Right now, for bitcoin, that’s $95,000, a level at which sellers were still outbidding buyers earlier this month and in December. The bull case comes back to the table if prices break that level.
