Bitcoin ($BTC) is experiencing a critical scenario while its price is struggling for a breakout. Specifically, Bitcoin’s price is hovering below its 200-day Simple Moving Average (SMA). As per the data shared by the famous crypto analyst Ali Martinez on social media, the current downturn could denote the beginning of a bear market. At the same time, this could also serve as a notable buying opportunity for the traders.
Bitcoin’s Consolidation Below 200-Day SMA Sparks Debate over Opportunity or Warning Sign
In line with the market data, while Bitcoin ($BTC) teeters below its 200-day SMA, it could lead toward two diverse situations. In one case, the current technical setup could provide Bitcoin ($BTC) traders with a robust buying opportunity before the next price rally. However, this does not guarantee a breakout in the near term. Hence, on the other hand, it could serve as the start of an upcoming bear market . Keeping this in view, the traders and the market onlookers are keenly watching for the possible outcomes of the current structure.
Traders Await Clear Signal Amid Bull-Bear Battleground
According to Ali Martinez, while struggling below its 200-day SMA, Bitcoin ($BTC) could either be a significant buying opportunity or a trigger for another bear market. Hence, this shows a considerable tug of war between Bitcoin bears and bulls. Ultimately, the market’s further move toward any of the above-mentioned directions and the subsequent impact on the traders remains to be seen in the near term.
