According to top analysts, Bitcoin must break this key level to confirm the bull market

Crypto strategist Benjamin Cowen says he’s intently monitoring a key price level as the bulls search full management of the bitcoin market.

In one Video Recently, Cowen advised his 489,000 YouTube subscribers that bulls must convincingly push Bitcoin above the 200-day Simple Moving Average (SMA) to finish the downtrend.

“It’s a vital level to win again. If profitable, we will confirm that Bitcoin is not in a downtrend.

The 200-day SMA is necessary because it serves as a information for Bitcoin’s historic pattern. Whenever the price breaks above it after a prolonged downturn, a powerful bullish impulse follows. “

BTC / USDT each day chart | Source: Benjamin Cowen

Cowen says the 200-day SMA of presently round $ 45,000 will coincide with the BTC low in February 2021 and the descending resistance line shaped from the ATH in April.

BTC / USDT each day chart | Source: Benjamin Cowen

Looking at the weekly timeframe, the analyst says the 20-week SMA can be hovering round the $ 45,000 level, making this a stronger resistance for the bulls.

Hence, the $ 45,000 zone could be thought-about the most necessary level for figuring out the course of the future pattern.

Weekly BTC / USDT Chart | Source: Benjamin Cowen

Bitcoin is presently trading at $ 46,000, in accordance to Coinmarketcap.

You can see the BTC price right here.

Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a call. We aren’t liable for your funding selections.

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