Cryptocurrency analyst Benjamin Cowen evaluated the technical outlook of Bitcoin, which is currently trading at $ 46,500 price levels.
Latest Situation in the Market
Bitcoin, which has formed a falling trend structure on its four-hour chart since recording the $69,000 ATH level, lost critical support levels and declined below the $50,000 price levels after months of depreciation. Bitcoin, from the price levels of $ 46,500, where it is currently traded, continued its downward trend by failing to overcome the resistance of $ 48,000, although it attempted to attack upwards several times during the week. This downward trend in Bitcoin also gave a downward momentum to the cryptocurrency market. Ethereum, which has lost value at high rates recently, started to be traded at the price levels of $ 3,770 with its latest price movements.
Cryptocurrency Analyst Evaluated Current Situation
Emphasizing that the 20-week SMA is around $53,000 and the 21-week EMA is just below $51,000, the cryptocurrency analyst said that BTC remains well below the bull season support band and that the leading cryptocurrency Bitcoin may continue to depreciate from its current levels. . Analyst Benjamin Cowen also underlined that he does not expect a bullish period in the crypto money market until 2023 in his last Youtube broadcast.
In addition, the crypto analyst pointed to the $ 53,000 price band as the resistance level that must be overcome for the end of the downtrend in Bitcoin and the market to rise again.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.