Bitcoin price just tagged 200-week trend line that defined 2022 bear market
Bitcoin fell to four-month lows and retested its 200-week simple moving average, a long-term bear-market gauge now near $61,626. This is the first return to that level since 2023, and the line last acted as resistance during the 2022 bear market. Traders view the touch as a key milestone and say a rebound is possible after the sharp selloff, though near-term direction remains uncertain. Optimism also came from deeply oversold momentum signals. Bitcoin’s daily RSI dropped to 17.35, its lowest since 2020 apart from the February drop, prompting calls that BTC is extremely oversold and may offer an accumulation zone for those with a strong long-term view. Some analysts said a bounce could depend on improving market structure, while continued weakness could push Bitcoin below $60,000.
