RATE Group | Bitcoin Price Shifts Toward Key Moving Average as Bears Target $5,000
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Bitcoin Price Shifts Toward Key Moving Average as Bears Target $5,000

02 Dec Bitcoin Price Shifts Toward Key Moving Average as Bears Target $5,000

Posted at 23:13h in Bitcoin News by

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As part of its current mid-term downtrend, Bitcoin (BTC) could be headed toward its 200-week moving average (MA), a level that has been a major historical bottom. 

Since hitting its 2019 high of approximately $13,890, Bitcoin has seen lower highs indicative of a downward trend, at least in the mid-term. 

After a corrective bounce up to $7,875 last week, Bitcoin was unable to shake its larger downtrend, heading back down to $7,285 by press time. The asset could ultimately have its sights set near $5,000 before a mid-term trend reversal as its charts look mostly bearish at present. 

Crypto market daily performance. Source: Coin360

Bitcoin weekly chart

BTC USD weekly chart. Source: TradingView

Bitcoin’s weekly chart painted a wick that tested support near $6,550 last week, hitting just below a downside wick from May 2019. Below $6,550, the coin lacks weekly support and notable price action until $5,760. 

Back in April, Bitcoin’s price tallied significant price action between $5,760…

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