- All eyes are on Bitcoin as the pioneer crypto asset reaches a critical support zone.
- This critical support zone is identified as the MA50 weekly or the MA200 daily.
- Analysts advise a close watch on this support as the market undergoes a heavy correction.
With sentiments down to the ‘Fear’ scale once again, with a score of 25 according to CoinMarketCap’s Crypto Fear & Greed Index, analysts are watching Bitcoin. In detail, BTC has reached a critical support zone that could turn the pioneer crypto asset into an intensely bullish asset.
BTC Reached a Critical Support Zone
As we can see from the post above, this reputed analyst known for his many accurate silver-tongued predictions, shares how BTC is at a critical support zone at the moment. Specifically, Doctor Profit highlights the MA50 weekly or MA200 Daily which are very important bull market indicators.
He then explains their relevance, for instance, the MA50 Weekly was never lost during the entire time since the start of the bull market in March 2023. He says that it acts as the strongest support and bull market indicator. He also says that revisiting the MA50 Weekly, is not impossible but won’t be easy as long the MA200 Daily holds well.
All Eyes on Bitcoin as More Analyst Highlight the Same
In conclusion, the analyst says that this is the next strategy to follow, watch the MA200 daily and MA50 Weekly. He also advises traders not to panic and remain calm as the market is going through a heavy correction at the moment. The same observation is mirrored by another reputed analyst drawing more eyes to this critical support zone for BTC.
