Bitcoin's price action has been closely watched by investors and analysts in recent days. The cryptocurrency is nearing a critical resistance cluster that has consistently led to sharp declines in previous bear cycles.
The 1M MA50 trend-line, which served as support during February's low, is now acting as resistance for Bitcoin. This trend-line has historically marked the beginning of a second and final crash during bear cycles.
In addition to this technical indicator, the 1M MA20 trend-line above is also under scrutiny. Historically, it breaks upwards approximately one year after breaking downwards on a bear cycle.