Bitcoin is expected to resume its price history for perhaps the first time since 2020 after falling below the 200-weekly moving average. According to price researcher CoinMarketCap, bitcoin is currently selling at $21,242, down 1.42% over the past 24 hours.
This week’s 200 WMA is important
The 200-weekly moving average (WMA) is an important statistic that investors use to evaluate general sentiment towards a major currency. Traditionally, when bitcoin breaks below the 200-week WMA, it signals the end of a trend. Then it will soon resume a bullish price action.
So unless the current 200-weekly moving average breaks above $22,000 this week, bitcoin will be making history. This would be the first time that BTC could end this month below the 200-week WMA which is expected to take place at the end of June.
Plan B said that it is becoming more and more tempting to see if BTC will end the month of June below that level. Plan B’s Twitter post says this moment is getting interesting.
He quotes that if bitcoin fails to close the month of June above the 200WMA ($22k), it will be the first monthly close below the 200WMA.
Even though there are three days left till the end of the month, the overall market sentiment is not favorable to the major currency. Furthermore, traders expect bitcoin to return to the $18,000-$19,000 zone.
“Currently, bitcoin support is at $18k -19k, so there is a chance that bitcoin will return to this area,” King’s Chart said in a Twitter post.
How long does it take before bitcoin sees the $30k level?
Amazingly, bitcoin is claimed to trade between $10,000 and $31,623 in roughly the same time period as it does from $31,623 to $100,000. According to the data, the current price action will last more than a year, while the larger range will last for 487 days.
Considering the challenges and the bitcoin price record, it continues to be the dominant player in the market. According to data from TradingView, Bitcoin aims to overtake the crypto market with a 43.46% share.
Glassnode said earlier this month that the current downside price action is likely to continue. Furthermore, the data shows that the current bear market is very similar to that of 2015 and 2018.
Weeks ago, Binance CEO Changpeng Zhao commented on the bitcoin market correction, backing up his statement. He estimated that it would take about two years to reach the all-time high of $68,000.