Bitcoin trades near 200-week EMA; loss of support could spark 30–60% capitulation.
Summary
- Bitcoin trades around $68.4k, above the ~$68.3k 200-week EMA that marks the key cycle support line.
- In 2018 and 2022, a weekly close below the 200-week EMA followed by a failed retest turned it into resistance and led to sharp selloffs.
- Analyst Rekt Capital says multiple weekly closes above the EMA keep downside “unconfirmed,” but a breakdown from this level could again trigger accelerated capitulation.
A cryptocurrency analyst has warned that Bitcoin (BTC) could experience a significant price decline similar to events in 2018 and 2022 if the digital asset fails to…
