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Bitcoin’s Real Test Begins at This Price Area, According to Crypto Analyst Benjamin Cowen

Prominent crypto market analyst Benjamin Cowen sees heavy resistance coming for Bitcoin (BTC) at an necessary value degree.

In a current replace on Bitcoin’s value motion, Cowen tells his 485,000 subscribers that given Bitcoin’s bounce off the 50-week easy transferring common (SMA), at the moment priced just below $33,000, he can be shocked if the highest crypto asset didn’t proceed its run to the 20-week SMA, which is sitting proper above $44,000.

“I’d be shocked, at this level, if we didn’t at least check the 20-week [SMA] … as a result of we’ve examined it many occasions after bouncing off the 50-week [SMA]. If you return in historical past, lots of the occasions we’ve bounced off the 50-week, we then go to the 20-week. There’s been loads of occasions when that’s occurred.”

At time of writing, Bitcoin is buying and selling at $39,655, in accordance to CoinGecko.

Cowen says {that a} transfer for BTC above the $42,000 degree, which marked the earlier native high in January of this yr, would probably cement an additional push to the 20-week SMA.

“I’d say if we’re breaking above $42,000, then we’re headed in direction of the 20-week [SMA]… So this was the prior native high right here, proper round $42,000. So that can be an attention-grabbing degree to watch.

…Let’s see if the momentum can get us there as a result of that’s the place the true check begins… That’s the place the combat begins.”

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Featured Image: Shutterstock/Martin Capek

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