Bitcoin bulls attempt three support changes

Bitcoin may have experienced an impressive rally from around 109,000 dollars at the beginning of the week, but the bulls are still not safe.

Analyzing the current market structure, Alan points out a group of simple moving averages (SMA) that have merged into a small zone.

The 21, 50, and 100-day SMAs are now in the same place, which just happens to be where the spot price is currently moving.

"Right now they are very close together," he said during a video update posted on X.