Bitcoin’s price movement is currently hinging on its retest of the “Bull Market Support Band,” which is a crucial trend indicator made up of the asset’s 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA). Historically, this band has provided support during previous uptrends, and it currently spans between $61,100 and $62,900. A bounce from this band could signal a continuation of the uptrend from the September lows, while a significant break below could lead to a reversal of the recovery, potentially resulting in weeks of trading below $60,000.
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