Bitcoin on The Verge of Exiting Crypto Winter

In our last article, we spoke about the possibility of a pivot from bearish to bullish and even an end to the crypto winter if Bitcoin was able to trade and hold above $26,000.

Importance of Trading Above Range and 200-Week Moving Average

The significance is more easily seen on a weekly chart because the most important factor in trading above what had been the range for months ($15k – $25k). However, the most significant technical achievement was moving back above the 200-week moving average. That technical indicator has been a very accurate signal of a bottom in the past such as in December 2018 and March 2020. In both instances pricing briefly dipped below the 200-week SMA, while the recent occurrence of pricing below this indicator lasted for 9 months.