Good morning to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market. Once again, the crypto market is facing a major freefall. Bitcoin, Ethereum, and other altcoins are moving back to the same levels they touched during the October 10th crash. Currently, Bitcoin is trading near a critical support level the same “green line” it has tested several times in history. This green line represents the 50-week moving average, a key technical level that has often signaled the start of bear markets whenever it was broken in the past. For instance, in 2011, 2014, 2018, and 2022, when Bitcoin fell below this level, it was usually triggered by bad news such as exchange hacks, market manipulation, or global economic pressure. These events led to heavy panic selling and long bearish phases.
At present, Bitcoin is once again hovering near this critical level. The price is showing support around $12,000, and both the RSI (Relative Strength Index) and moving averages suggest a possible bounce but the risk remains. If Bitcoin closes below the 50-week moving average, it could signal another major breakdown, possibly leading to a deeper fall. On the other hand, holding above this level could confirm a strong bottom and recovery. Simply put, this level will decide whether Bitcoin continues its long-term growth or slips into another bear phase. Investors should keep a close eye on how Bitcoin reacts here because, as history shows, the market always loves to surprise. That's it for today. Thanks & have a good day!!
@abfarhan