The 200-Day Moving Average Test Has Failed — Bitcoin Faces a New Challenge
Last week, it seemed the bulls were fully in control. Bitcoin was climbing steadily toward the key 200-day moving average, bullish momentum was strengthening, and optimism was gradually returning to the market.
However, at the most critical moment, the rally lost steam.
Higher-than-expected inflation data, a sharp surge in Treasury yields, and renewed tensions between the United States and Iran quickly pushed markets back into risk-off mode. As a result, the recovery wave that had been building across the crypto market was abruptly interrupted.
Bitcoin is now consolidating slightly above an important support zone and preparing for another major test. Most likely, this test will determine the market’s direction in the near term.
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