Bitcoin (BTC) has dropped 11.3% over the past week, currently trading in the low $80,000 range at the time of writing. The recent decline has pushed the leading cryptocurrency below the 200-day moving average (MA), raising concerns about a potential deeper pullback.
Bitcoin Must Defend This Key Price Level
According to an X post by seasoned crypto analyst Ali Martinez, BTC is now trading below the 200-day MA, a key price level that has historically functioned as a strong support for the top digital asset.
For the uninitiated, the 200-day MA is a famous technical indicator that essentially represents the average closing price of BTC over the last 200 days to identify the long-term price trend. Historically, a sustained movement above the 200-day MA has led to long-term uptrends while a prolonged price movement below the level has often preceded further declines.
Martinez stressed that BTC must remain above the TD Sequential indicator’s risk line at $79,280. He added tha
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