BlockBeats News, April 16th, According to analyst Alicharts, Bitcoin is at a key turning point. Bitcoin is testing the 100-day Simple Moving Average (SMA) as a resistance level, marking the third test in six months. The two previous attempts both ended in failures:
In October last year, Bitcoin’s breakout failed, leading to a 30% drop from $116,000 to $80,000.
In January, Bitcoin similarly failed to break out, resulting in a 39% drop from $97,000 to $59,800.
Alicharts warned that facing rejection for the third time here would be a significant structural failure. It could trigger a triple-top effect, potentially pushing the Bitcoin price back towards the yearly low of $59,800. However, if BTC manages to break through this barrier and close above the 100-day SMA, the upside will be breached. A breakout here would pave the way for a direct path to $80,000 – $84,000, confirming that the macro correction may have ended.
