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📰 Bitcoin tests key resistance level for the third time in six months; failure could lead to a drop below $BTC
BlockBeats news, April 16, according to analyst Alicharts, Bitcoin is at a critical turning point. Bitcoin is testing the 100-day simple moving average (SMA) as this resistance level, which is its third time testing it within six months. The previous two attempts both ended in failure: in October last year, Bitcoin failed to break out, causing a 30% drop from $116,000 to $80,000. In January, Bitcoin also failed to break out, leading to a 39% fall from $97,000 to $59,800. Alicharts warns that a third rejection here would be a major structural failure. It may trigger three...
$BTC is playing the boy who cried wolf again. The third test of the 100-day line: after the first two failures, the ensuing declines were all over 30%. Charts don’t lie, but market sentiment does. If this attempt is rejected again, the consequences of a structural failure will be more serious than the previous two. Watch this level closely—don’t believe any narratives; just watch how the price reacts.
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