Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving Average?

Crypto Blog

Bitcoin’s price has been dropping aggressively lately, pushing below a significant support level. If a recovery does not happen soon, things can get much worse for the crypto market.

Therefore, if the $57K support level fails to prevent a further decline and the price fails to recover back above the 200-day moving average, a much deeper drop will become more probable. As the BTC price is dropping aggressively, many market participants are exiting their long positions either willingly or with their stop losses getting hit. Some futures market traders are also opening short positions, as the Funding Rates metric shows.

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