Bitcoin 
$0.00003 recently experienced a 1% increase, trading at $83,165. However, market experts warn that if critical support levels are breached, the price could plummet to as low as $46,000. Historical data indicates that dips below the 50-week moving average have triggered significant sell-offs in the past, while strong resistance around the $95,000 mark poses a substantial challenge for bullish movements. Current market sentiment is cautiously optimistic, bolstered by U.S. inflation data and geopolitical developments.
Bitcoin’s Critical Support Level and Historical Indicators
Experts emphasize the risk posed by Bitcoin remaining below its 50-week moving average (MA). In past instances (2014, 2018, 2020, and 2022), breaking this level led to price drops down to the 200-week MA, approximately $46,000. According to analyst Ali Martinez, if a similar scenario unfolds, Bitcoin could retreat to this critical level.
Moving averages serve as crucial indicators for investors to understand long-term trends. Typically, a drop below the 50-week MA signals a seller-dominated market. …
