Bitcoin Remains Below Key Moving Average for Third Consecutive Week

Bitcoin has closed below its 100-week moving average for the third consecutive week, according to Coin Bureau CEO Nic. According to BlockBeats, the cryptocurrency has remained under its long-term trend line for 13 days. Historically, after Bitcoin falls below this trend line, it tends to stay there for an average of 267 days. The shortest duration recorded was 34 days during the COVID-19 pandemic. Based on historical patterns, the market is more likely to remain at lower levels for an extended period. While a quick rebound is still possible, the longer Bitcoin stays at these lower levels, the less likely a rapid recovery becomes.