big

Another week, another rejection for bitcoin:native at the 50-week moving average, currently sitting at the $83K bear market invalidation level. What’s interesting about the 50WMA is that, in every prior bear cycle, price has tested it twice. The first test usually comes early to midway through the bear cycle. Price rejects and continues lower. The second test has always broken through, usually later in the cycle. This is the first time BTC has tested the 50WMA during the current bear cycle. If we fail to break through in the coming weeks, I wouldn’t be surprised to see some mean reversion after this move up. At that point, I’d be willing to bet that the next time we revisit the 50WMA, price breaks through and invalidates the bearish swing.