The crypto analyst on the Bitcoin chart has identified important price levels from past periods, which can determine the next movements of the cryptocurrency in this period. He mentioned the highest goal of Bitcoin – $ 65,000. 200-week simple moving average (SMA) at $58,000 as the base level to watch.
The Bitcoin 200W SMA is highlighted as a key area to watch
VirtualBacon crypto analyzer to X sharing A new technical chart analysis showing two important levels in Bitcoin’s price suggests that investors and traders should watch as the cryptocurrency continues its downward trend. VirtualBacon explained in more detail in a video, pointing to $65,000 and $58,000 as areas of interest for anyone looking for a good buying opportunity in the current market conditions.
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VirtualBacon marked $58,000 as its most watched level, which is currently the 200W SMA. The analyst described this indicator as one of the most stable indicators the most reliable buying areas in the history of Bitcoinciting a track record spanning multiple market cycles.
He noted that during bear market in 2015Bitcoin price reached the 200W SMA four times without ever closing lower on its weekly candles. In 2018, the 200 W SMA showed the absolute bottom of the selling period. The fallout from COVID-19 in 2020 was also supported at exactly the same level. One exception occurred in June 2022, when the price was briefly below the average before consolidating and then fell another 25%. FTX collapse later that year.
VirtualBacon acknowledged the 2022 breakout, but emphasized that the 200W SMA near $58,000 remains a very important level because of how consistently it has served as a floor throughout Bitcoin’s history. In his opinion, the $58,000 level represents an area that long-term investors have historically entered, often rallying at the bottom before a strong price pullback.
The analyst notes the ex-Bitcoin ATH as a buying opportunity
In its analysis, VirtualBacon identified $65,000 as the first viewing level that would be appropriate for Bitcoin highs since the bull period in 2021. The analyst noted that Bitcoin has already reached this area in the current period, stating that historically, former ATHs often become meaningful support when prices revisit them. For investors who agree with this thesis, the analyst suggested looking at $65,000 as a potentially reasonable market entry point.
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It is worth noting that VirtualBacon’s Bitcoin analysis comes at a time when sentiment remains volatile in the crypto marketwith retail investors unsure whether the BTC price drop is a strategic buying opportunity or the start of a deeper pullback.
Long term trading of Bitcoin has also done little to restore confidence, instead fueling fear among market participants. Earlier this week, the cryptocurrency briefly dropped below $64,000 after reports surfaced. US and Israeli airstrikes on Iran. Since then, the cryptocurrency has soared above $70,000, a gain of more than 8% in 24 hours.
Featured image from Pixabay, chart from Tradingview.com
