BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week
Bitcoin confirmed a weekly candle close below its 200-week moving average, copying the 2022 bear-market as traders warn of further BTC price downside next.
Bitcoin dipped below its 200-week moving average for the second time, mirroring the 2022 bear market. Traders are warning of further downside for BTC as the cryptocurrency starts the new week around $63,000. Bitcoin saw a modest rebound after closing weekly below a key long-term trend line, with local highs of $63,655 on Bitstamp.
Analyst Benjamin Cowen highlighted that Bitcoin now returns below its 200-week simple moving average, previously seen as resistance in August 2022 and a turning point for BTC's long-term bottoming phase. Trader Rekt Capital pointed out that price failed to reach his weekly-close target of $63,220, positioning for further downside in the current $58,000-$66,000 range.
Meanwhile, the release of Purchasing Managers' Index (PMI) data for the manufacturing and services sectors on Friday may impact Bitcoin, as moderating inflation could help keep monetary policy outlook from becoming too hawkish. Japan's central bank is also on the radar for risk-asset traders this week, with the Bank of Japan (BoJ) set to raise rates from 1.0% in September amid rising bond yields and a weakening yen.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
