Bitcoin (BTC) has reclaimed the $60,000 mark after briefly dipping below it. The 200-week Simple Moving Average (SMA), a key support level for the cryptocurrency, is currently at $59,560.
The gap between the current price and the 200-week SMA is less than $750, making this a crucial moment for Bitcoin. Historically, when BTC touches or dips below this moving average, it has led to significant gains, with three instances showing returns of +267%, +1,125%, and +659%.
However, traders should be cautious as the current setup remains fragile, and a weekly close above $60,000 would provide much-needed confirmation for bulls. Institutional selling continues to cap recovery attempts, with net outflows totaling $1.965 billion over the last seven days.