Analysts: Bitcoin Price Below 200-Day SMA, Bear Market Risk Looms

IconCryptoNewsTerminal Staff18 Aug, 2024

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Analysts: Bitcoin Price Below 200-Day SMA, Bear Market Risk Looms

Crypto analyst Ali Martinez has analyzed the BTC/USD daily chart and observed that the Bitcoin price is holding below the 200-day Simple Moving Average (SMA). Normally, in a bull market, a move below the 200-day SMA would be a great buying opportunity. However, if Bitcoin remains below the 200-day SMA for a prolonged period, the market could enter a bear market. This analysis suggests that investors should exercise caution and monitor the Bitcoin price closely to make informed investment decisions.