Bitcoin is forming a pattern that has historically led to the asset retesting a specific line. At present, this level would be found at $20,500. Bitcoin Has Dropped Below The 200-Day SMA With The Recent Crash A few days back, Bitcoin observed a sharp crash that took the cryptocurrency’s price toward the $26,000 mark. As this plummet was already significant, many have wondered whether this was it or if the drawdown will continue. An analyst on X, Ali, shared a chart that may provide hints about where the asset could be heading next. The trend in the realized price and the 200-day SMA for BTC | Source: @ali_charts on X The analyst has attached the data for two Bitcoin-related metrics in the graph: the 200-day simple moving average (SMA) and the realized price. The chart shows that the BTC price has dropped below the 200-day SMA (colored in purple) with the latest crash. According to the analyst, when the cryptocurrency’s price has crossed below this level during the past ten years, it has often retested the ..
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