'Too early' to say Bitcoin price has reclaimed key bear market support — Analysis

'Too early' to say Bitcoin price has reclaimed key bear market support — Analysis


Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHopes for “relief” from FOMC meeting

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day.

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The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation.

Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout previous price cycles.

Nonetheless, it was “too early to tell” if the

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