Bitcoin Slips Below $69K as It Tests the 200-Week Moving Average

Bitcoin has dipped below $69,000, reaching its lowest level in three months. At the time of writing Bitcoin has witnessed a sharp selloff of more than 7% over the past two days. The broader crypto market has also seen a notable downturn with the total crypto market cap now falling by over 9% this past week. Coinglass data shows that 24 hour long liquidations across crypto have reached $1.31 billion. Bitcoin is Trading Well Below its Bull Market Support Band Bitcoin’s bull market support band is a useful weekly chart indicator which shows two lines, the 20-week simple moving average and the 21-week exponential moving average. Traders and technical analysts keep a close eye on the gap between them.

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