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Carl Runefelt, industry influencer, observes that during every bear market, Bitcoin has reached its 200-day simple moving average.
He further notes that after this technical level is touched, Bitcoin has historically peaked briefly and then fallen to new lows. He questions whether the current cycle could see a different outcome.
Runefelt previously highlighted that a crypto whale opened a $39,175,000 BTC short using 20x leverage after a series of profitable trades. He also noted that Bitcoin’s CME gaps at $84,000 and $67,000 could result in significant liquidations if filled. These observations come as traders assess Bitcoin’s technical price levels and market positioning.