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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.
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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.