Will Bitcoin reclaim the 200 Day MA?

[dragononcrypto]

As shown on the chart below (blue line), Bitcoin is now back at the 200 Day moving average after being twice rejected from around this level last month, initially from the so-called "death cross" of the 50 & 200 Day MAs (bearish cross over circled). The price is otherwise at the trading zone of most volume in the past 7 months (~$63,200), which appears to be one of the key accumulation/distribution zones.

So do you think this time Bitcoin will reclaim this level and maintain above, or otherwise get rejected for the third time?



Personally I'm skeptical, as the 200 Day MA has flattened out and otherwise started to move downwards for the first time since October 2023. Back then while price was rejected from this level, it did otherwise increase by 150% once price had successfully broken above after some consolidation. So I very much see the argument that if this level is reclaimed, price could increase significantly and this become the start of the bull market. But otherwise the death cross last month remains concerning in the immediate term as it signals further downside.

[dragononcrypto]

Is price currently getting rejecting by the current channel? After breaking above the 200 Day MA, price is currently falling back below and failing to turn this level into support, somewhat similar to last month when price reclaimed this moving average for a few days before falling lower. Price is otherwise at the highest trading volume area of the past 6 months and threatening to turn it into a distribution zone again.



Personally I wouldn't be surprised to see $50K re-visited given current price action. Aside from the lower highs and lower lows over the past few months, price has otherwise established a strong trading channel after getting rejected for the third time by resistance and establishing the lower level as support 4 times already. It's honestly the most orderly consolidation/correction I have seen Bitcoin price undertake, probably since last year's consolidation between $25K and $30K.