$BTC Analysis: Will the 200-Day SMA Lead to a $70K Rally? - CoinPedia Analytics
Bitcoin is testing the critical $63,176 level for the third time since August. Analyst Ali Martinez suggests that a breakout here could signal a bullish trend, similar to the last surge to $70,000.
BTC has gained over 8.7% in the past week, now approaching the key $64k mark of the 200-day Simple Moving Average (SMA), an essential indicator for traders indicating potential bullish moves.
Historically, Bitcoin broke above this SMA at around $28,000 in October 2023, leading to a rally that peaked over $70,000 by March. With the recent approval of options trading for BlackRock’s Bitcoin ETF, many believe another breakout is near.
Currently, Bitcoin hovers around its 200-day MA, with recent data showing $16.42 million in long positions and $7.12 million in short positions liquidated, reflecting cautious trading behavior.
