BTCUSD Dives Below 200W SMA as Lost Bitcoins Reach Record Levels

Bitcoin (BTCUSD) has slipped below its 200-week Simple Moving Average (SMA), trading in a narrow range between $58,000 and $66,000.

The price drop is significant as it indicates that the cryptocurrency is struggling to reclaim the 200W SMA, which is considered a key technical indicator.

According to Benzinga, CryptoQuant reports that approximately 3.56 million BTC have been deemed lost, accounting for about 17.7% of the circulating supply.

This lack of liquidity and supply considerations may be affecting spot CFD traders.