The Bitcoin price is currently perched on the 50-day simple-moving -average, which is the first SMA any price needs to break before any talk of another bull run.
The sharp decline from March's $48k high to June's $17.7k low saw the 50SMA as a distant mirage. Since then, the 50SMA has been broken 5 times from the down-side, and after each time it then failed to hold as support. We are now back at the same $17.7k - will this sixth time be any different?
It's all very well shilling the next rally at every sniff of good news or any positive metric. But for the 50SMA to hold, whatever its price level, the market usually tests it as a support, just to make sure no big sellers are left. Only then can we truly talk about any green shoots of recovery.
However, the number of dark clouds seem to be multiplying and the lightning strikes causing real damage. The longer the price just hangs here, the more likely it will be kicked off its perch.
Now 17.4k
first test failed
below $17k
the boring thing is how it tracks nasdaq.