Insight: Bitcoin has been below its 100-week moving average for 13 consecutive days, with the historical average being 267 days
BlockBeats News, February 9th, Coin Bureau CEO Nic stated that Bitcoin has closed below the 100-week moving average for the third consecutive week. The price has currently been below the long-term trend line for 13 consecutive days.
Looking at historical data, after BTC falls below the long-term trend line, it has typically stayed at this level for an average of 267 days. The shortest instance was 34 days during the COVID-19 pandemic.
Therefore, based on historical experience, the market is more likely to stay at a low level for a longer period of time. A rapid rebound is still possible, but the longer Bitcoin stays at a low level, the less likely this scenario becomes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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