Bitcoin’s price movement in the near future hangs in the balance as it continues to test its crucial “Bull Market Support Band.” This band, which is a significant trend indicator, is defined by the asset’s 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA). Historically, this band has provided support for prices during previous uptrends.
Currently, the Bull Market Support Band is situated between $61,100 and $62,900. A bounce from this band could potentially reignite the uptrend that began in September, with new price targets in sight. However, a decisive break below this band could lead to a reversal of the recent recovery, possibly resulting in weeks of price fluctuations below the $60,000 mark.
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