Bitcoin Tests Key Weekly Average as Analyst Flags $57,700 Risk
Bitcoin slipped below its 200-week average on Friday, while an analyst tied further downside risk to a weekly momentum level.
Key takeaways
- Bitcoin fell to $67,500, below its 200-week simple moving average at $67,993.
- Keith Alan said a weekly RSI break below 41.5 could open a test of $57,700.
Bitcoin fell to $67,500 on Friday, moving below its 200-week simple moving average at $67,993. It was the first time the cryptocurrency had tested the level in 11 weeks, according to TradingView data cited by Cointelegraph.
Keith Alan, co-founder of Material Indicators, said a weekly relative strength index reading below 41.5 could open the way to a test of $57,700. The weekly RSI had returned to 41.5, which Alan said had acted as support in late July.
As of Friday at 20:59 UTC, Bitcoin traded at $68,812, down 3.62% over the previous 24 hours.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
