The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average, which is at $22,705, and BTC’s current setup suggests that a decisive move is imminent.
Many analysts expect a weekly close above the 200-week moving average (MA) to attract further buying, but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May.