$BTC
Bitcoin Price Analysis
The price of Bitcoin has recovered after a recent sell-off, and a positive sign is that buyers did not allow the price to close below the 20-week exponential moving average ($90,664). This indicates that buyers are active at lower levels.
Weekly chart BTC/USDT. Source: Cointelegraph/TradingView
Bulls will try to consolidate their position by pushing the price above the psychological level of $100,000. If they succeed, it will pave the way for a retest of the all-time high of $109,588. Bears will try to defend the $109,588 level, but if bulls prevail, the BTC/USDT pair could surge to $138,000.
In contrast to this assumption, if the price cannot hold above $100,000, it indicates that bears are attempting to create a lower high. Subsequently, this pair could drop to the 50-week simple moving average ($75,543).
