Bitcoin is resting on a 200-week EMA, “a key level that systematic and momentum trading strategies look at.”
Bitcoin dipped below $67,000 early Wednesday morning, but a better-than-expected jobs report has lifted bitcoin back above that level.
Gracy Chen, Bitget CEO, said that over the past week, bitcoin has been trading in a “macro tug-of-war” regime, where price action is mainly driven by geopolitics, rate expectations, and liquidity conditions rather than crypto-native narratives.
Pratik Kala, portfolio manager and head of research at Apollo Crypto, said that bitcoin is now resting on a 200-week exponential moving average, “a key level that systematic and momentum trading strategies look at.”
“Breaking below would indicate more downside pressure. Market participants typically eye this level as it’s a big one,” he said.
Kala said that while it’s “hard to make predictions in the market,” if we break below that price, “we could retest 65k.”
Bitget’s Chen said that from a technical perspective, the market is stabilizing after the shakeout, which is why her base case is consolidation in a $60,000 to $75,000 range for the next few weeks, potentially up to a month.
“That said, there’s a downside scenario, as a move toward $50,000 remains a real risk if sellers keep pressing and shorts stay aggressive, since this is the next meaningful ‘gravity level’ — a support zone that can attract bids and fuel a sharp bounce if forced selling depletes,” she said.
