Bitcoin Price Closing In On Key Monthly Support Level

The recent plunge in the crypto markets has pushed Bitcoin (BTC) to a “make or break” point — the 21-month simple moving average, which sits in the high-$6,000s at current.

As analyst Byzantine General recently pointed out in a recent tweet, this level has been the point at which BTC has bounced in two previous bull market retracements. Of course, the sample size of bull markets is small, though the chart below shows that the 21-month moving average has been a significant level for BTC to hold above.

Don’t worry fam your local hopium supplier is here.

Don’t inhale too much at once though.
I had to dig deep to find some.#bitcoin pic.twitter.com/MJ05XEn0kq

— Byzantine General (@ByzGeneral) November 24, 2019

Bitcoin to Remain in Long-Term Bull Market, Analyses Show

A confluence of analysis and research suggests that Bitcoin will hold the level, and thus continue its secular bull market.

David Martin, the CIO of Blockforce Capital, recently shared some of a report from Delphi…