Yulia Slavina

Bitcoin tests crucial support but holds firm, Caleb Franzen notes

Bitcoin tests crucial support but holds firm, Caleb Franzen notes
Bitcoin retests major support levels

Bitcoin has retested its 200-day moving average cloud and the anchored volume-weighted average price (AVWAP) from the bear market lows, both described as important support levels. Caleb Franzen said there has not been a breakdown yet and described the current price action as challenging but healthy.

Franzen has previously highlighted major moves in other markets. He criticized the decline in Opendoor’s stock, which is down 87.8 percent since its IPO. In a separate note, he observed a bearish engulfing pattern in the S&P 500 as tech and growth stocks lagged.

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