Bitcoin Faces Critical Support as Momentum Slows, Analyst Shares Next Target To Buy BTC

Bitcoin is showing signs of slowing momentum as it continues to consolidate below the 50% Fibonacci retracement level from its 2022 highs to lows. With the 200-week moving average also lagging significantly behind the current price, traders like Mac believe the markets are headed for slower, choppier conditions in the near term.

“200 wMA is lagging hard behind price and weekly MFI is starting to turn $BTC is likely going to chop around in this range before the halving. Any dips into the $36k are a buy I think we will get some generational entries across the board.”

Veteran trader ANDY had noted this vector as key resistance, stating further downside was anticipated if it continued holding:

“Yesterday, we analyzed BTC, and we concluded that if we maintain the range below 50% vector, we would see lower prices. We held well during the Asia session and got the downside we had anticipated in the London session.”

With Bitcoin still trading below the $39,000 level, Andy believes there are “orders to the downside waiting to be filled.” 

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However, both traders view any dips towards the $36,000 region and key support levels from last year as attractive buying opportunities. This aligns with the halving cycle theory that Bitcoin bottoms a year before the next halving event.

In summary, momentum indicators and the lagging 200-week MA suggest Bitcoin may trade choppily and see a slow grind in the near term. Analysts mostly view major support levels below as offering generational buying opportunities heading into the 2024 halving.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency