$13K Bitcoin price predictions emerge with BTC falling below historic trendline
(BTC) prices broke below a long-standing support wave that was instrumental in keeping its strong bullish bias intact after March 2020’s crypto market crash.
Dubbed the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.
Bitcoin price breakdowns below 50-week SMA through history. Source: TradingViewBitcoin net position change across all exchanges: Glassnode Bitcoin MVRV has reached its September 2020 low.
Continue Reading on Coin Telegraph