Bitcoin Must Crush This Crucial Price Point To Rejuvenate The Bull Market, Crypto Strategist Benjamin Cowen Says

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Popular crypto-trader and strategist Benjamin Cowen says he’s keeping a close watch on a key price point as the bulls try to take full control of the Bitcoin market.

In a new strategy session, Cowen tells his 489,000 YouTube subscribers that the bulls need to convincingly push Bitcoin above the 200-day simple moving average (SMA) to end the downtrend.

“That’s a pretty big line to take just to rejuvenate the market and say, ‘Hey, we’re not in a downtrend anymore. We definitely got away with it.

I would say that’s a pretty big level, the 200-day SMA. This is important because it provides a level of resistance if history is any indication. And every time we cross it after coming back down it tends to lead to some pretty explosive movement. “

Cowen says the 200-day SMA, which is currently around $ 45,000, fits perfectly with BTC lows in February 2021 and the diagonal resistance that has kept the market bearish since Bitcoin peaked in April.

Looking at the weekly schedule, the crypto analyst says the 20 week SMA is also hovering around $ 45,000, making the level an even bigger point of resistance for the bulls.

“We must have a weekly close above the 20th week [SMA] before you can test the 20 weeks [SMA]. It doesn’t make sense to say it’s a 20 week test [SMA] if we end up having a weekly close below, because that was just a wick then. Of course, no one who watches this channel, they sure don’t get out of bed for a wick…

I think it makes perfect sense that we have some hesitation here.

In the past 24 hours, Bitcoin briefly touched $ 45,282 according to CoinMarketCap. The main crypto asset has since retraced and is trading at $ 43,349 at the time of writing.

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