Bitcoin's real test begins in this price zone, according to crypto analyst Benjamin Cowen
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Bitcoin’s real test begins in this price zone, according to crypto analyst Benjamin Cowen

Leading crypto market analyst Benjamin Cowen sees strong resistance for Bitcoin (BTC) at a major price level.

In a recent update on Bitcoin price action, Cowen tells his 485,000 subscribers that given Bitcoin’s bounce off the 50-week Simple Moving Average (SMA), which is currently priced at just under $ 33,000, it will be It would come as a surprise if the top crypto asset did not continue its run to the 20-week SMA, which is just above $ 44,000.

“I would be surprised, at this point, if we didn’t test at least the 20 weeks [SMA] … because we have tested it many times after bouncing in the 50 weeks [SMA]. If you go back in history, a lot of the times we’ve bounced through the 50 weeks, then we move on to the 20 weeks. There have been many times when that has happened. “

As of this writing, Bitcoin is trading at $ 39,655, according to CoinGecko.

Cowen says that a move for BTC above the $ 42,000 level, which marked the previous local high in January this year, would likely consolidate further momentum to the 20-week SMA.

“I would say that if we exceed $ 42,000, we will go towards 20 weeks [SMA]… So this was the previous local cap here, around $ 42,000. So that will be an interesting level to watch.

… Let’s see if the momentum can get us there because that’s where the real test begins … That’s where the fight begins. “

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