Bitcoin dips 5% to key support in 'moment of truth' for crypto market
Both BTC price and the total crypto market cap line up a retest of the 200-week moving average — a key bear market support line. Bitcoin (BTC) fell sharply after the May 24 Wall Street open as a “long awaited retest” of key trend lines materialized. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Bitcoin abandons uptick to retest moving averages Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $26,154 on Bitstamp — its lowest since May 12. The latest action was a world away from just the day prior, when upside formed the main story for the market and Bitcoin was aiming for $27,500. Rangebound volatility was thus the name of the game on the day, while traders eyed key levels for bulls to protect going forward. These came in the form of the 100-day and 200-week moving averages (MAs), both already a topic of conversation in recent weeks. “We are getting a long awaited retest of the 200-Week Moving Average. IMO, this is the MOST important level for B