Bitcoin Price Shifts Toward Key Moving Average as Bears Target $5,000

As part of its current mid-term downtrend, Bitcoin (BTC) could be headed toward its 200-week moving average (MA), a level that has been a major historical bottom. Since hitting its 2019 high of approximately $13,890, Bitcoin has seen lower highs indicative of a downward trend, at least in the mid-term. After a corrective bounce up to $7,875 last week, Bitcoin was unable to shake its larger downtrend, heading back down to $7,285 by press time. The asset could ultimately have its sights set near $5,000 before a mid-term trend reversal as its charts look mostly bearish at present. Crypto market daily performance. Source: Coin360Bitcoin weekly chartBTC USD weekly chart. Source: TradingViewBitcoin’s weekly chart painted a wick that tested support near $6,550 last week, hitt...