Bitcoin Recovers Above Historical Support, First Time Since 2020

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The strongest support for Bitcoin throughout its history on major bear markets and capitulation events can be traced using the EMA300 and MA200 indicators.

If we look back to March 2020, Bitcoin closed below MA200 and EMA300 to mark a low.

The week that followed, mid-March 2020, Bitcoin recovered and went on a 600+ days bullish run that ended in a high of $69,000 in November 2021.

Fast foward to 2022 and Bitcoin is repeating the same process.

After a strong capitulation phase, which normally marks the bottom of the bearish cycle, Bitcoin closed below EMA300/MA200 and consolidated below these levels for 4 weeks.

This week Bitcoin is moving back above this historical support for the first time after the crash and this can lead to a strong bullish wave. (Candle closure is needed for confirmation as the week is still pretty young).

Closing above MA200/EMA300 can lead to Bitcoin hitting $28,000, $34,000 and even up to $37,000 or more... We will have to wait and see how things develop...

Or, maybe the rate hikes will kill this relief rally before it fully develops.
This is a question (?) mark for us.

But past price action is pointing up.
Conquering this level leads to growth.

We now wait to see how it goes.

Namaste.