Bitcoin traders are currently watching two critical levels that will determine the long-term price trend of the cryptocurrency, according to a report by Material Indicators. The first level is the 200-week moving average (WMA) which needs to be maintained by bulls to avoid a downside move. The second level is $30,000, which needs to be surpassed to allow for a continued upward momentum.
A new survey has shown that market sentiment favors a support retest first, meaning a dip to test the 200 WMA before a possible push towards $30,000. Despite concerns over negative news involving Binance and US regulatory action, analysts argue that BTC and the overall cryptocurrency market have held up well amidst recent events. However, macro market volatility remains a concern, as traders wait to see what the next catalyst for a price move will be.