Bitcoin copying 2022 'almost perfectly' as trader sees key support failing
Bitcoin hovered near two-month lows after a sharp drop and heavy liquidations, reviving comparisons with the 2022 bear market. Traders focused on the 50-month exponential moving average around $66,628 as a key trend line. Some analysts warned Bitcoin may eventually break below it and continue a broader macro downtrend, with a short relief bounce and lower high possible first, similar to 2022. Other traders pointed to $60,000 as a critical level: holding it could clear out liquidity and set up a recovery, while losing it could trigger a deeper correction with little support below. A more optimistic view came from past price behavior: Bitcoin previously reclaimed the monthly 50-day/50-month trend line after losing it, and that reclaim was followed by a large multi-year rally.
