Bitcoin confirmed a weekly candle close below its 200-week moving average for the first time since the 2022 crash. Prices were trading in the $58,000 to $62,000 range while the 200W MA sat between $61,626 and $62,446. The last time this occurred, in June 2022, Bitcoin fell below $22,000 and spent over a year trading under this average before reclaiming it in October 2023. This breach comes amid unfavorable macro conditions, as a stronger-than-expected US jobs report pushed Fed rate-cut expectations further out, driving yields higher and pressuring risk assets.
Source: Read the original article
