$BTC Approaching a key support level, is the market about to see a medium to long-term bottom? On February 4th, according to multiple traders' analysis, Bitcoin is gradually approaching the long-term support level of about $68,000, which could become a significant bottom area for this round of adjustments.
Analysis indicates that this is the first time since the end of 2023 that Bitcoin has retested this long-term trend line. Historically, when BTC breaks below the 100-week moving average, it often retraces to the 200-week moving average, forming a medium to long-term bottom. Some traders suggest that if the price declines further, the area around $68,000 will become a key observation point, and if it is breached, the market may test the next support range of $55,000 to $58,000.
Although Bitcoin has retraced more than 40% from its historical high, there has not been a widespread panic in the market. Institutional analysts believe that a typical 'crypto winter' lasts about 14 months, and the current phase may be nearing its end. It is noteworthy that despite recent outflows from the U.S. spot Bitcoin ETF, there has been a net outflow of about $3.2 billion since mid-January, accounting for only about 3% of the total assets under management, reflecting that long-term capital still maintains some resilience. Have bottoming signals already appeared #市场分析 #币安 #美国政府部分停摆结束
