Bitcoin’s 200-Week MA Is Back in Play: Why It Matters for BTC’s Price

Bitcoin remained above $64,000 during the weekend and even climbed to just over $65,000 on Monday, which crypto analyst Doctor Profit has identified as a crucial buying zone.

He outlined the most significant range, which was strengthened by the presence of the 200-week moving average (MA200) running through its lower end.

Historic Buy Zone

The crypto asset has tested this area multiple times, and previous market cycles show that buying at or near the weekly MA200 has historically been profitable.

In his latest market update, Doctor Profit said this confluence has remained the foundation of his outlook since his earlier market pivot call. Rather than trying to identify the exact market bottom, the analyst said his strategy is centered on accumulating within a defined price range.

The focus should be on establishing an average entry between $54,000 and $64,000 rather than waiting for Bitcoin to print its absolute low. He added that even if BTC were to bottom near $54,000, achieving a long-term average entry around $58,000 would still represent a “phenomenal entry.”

… Continue reading the full article at the original source below.