Bitcoin Faces Do-or-Die Week at $68,300
Bitcoin's price is hovering near $68,000 as it faces a critical test that has preceded every major crash in its history. The cryptocurrency must close this week above the 200-week exponential moving average (EMA) of approximately $68,300 to avoid repeating a pattern seen in previous cycles.
An analyst noted that in 2018 and 2022, Bitcoin's weekly close below the 200-week EMA followed by a failed retest from below triggered 'bearish acceleration,' resulting in steeper price declines. To avoid this scenario, Bitcoin needs to close above $68,300.
Not all indicators point to further losses, however. The Mayer Multiple, which measures the ratio of price to the 200-day moving average, has dropped to approximately 0.6. Historically, readings below 0.8 have coincided with strong long-term buying opportunities.