Bitcoin hovers near $58,241, threatening a weekly close below its 200-week moving average for the first time since October 2023.
Bitcoin traded between $58,241 and $60,656 on September 17, 2024, failing to reclaim its 200-week moving average at $62,446. The cryptocurrency’s weekly close below this level would mark a bearish shift in its long-term trend, a first since October 2023.
Prior weeks saw Bitcoin dip below the 200-week MA but recover before the close. This week’s low of $58,035 held just above the 61.8% Fibonacci retracement level at $57,802, a critical support zone. A break below could target lower levels, while reclaiming $62,446 would improve the technical outlook.
MicroStrategy, a major Bitcoin proxy, has seen its stock decline alongside the cryptocurrency’s drop. Resistance levels include the 100-day MA at $71,714 and the 50% rally midpoint at $70,876, but sellers remain in control for now.