- Bitcoin price broke below the 200-day moving average after the recent sell-off.
- Historical data shows that losing this support level has led to steep corrections in previous bull markets.
- Despite the bearish outlook, BTC may be primed to rebound before making lower lows.
Bitcoin price could have hit a market top on April 14 when it made an all-time high of nearly $65,000. Even though there is potential for a rebound, the upswing might be short-lived.
Bitcoin price loses crucial support level
In the following video, FXStreet’s analysts evaluate where Bitcoin price could be heading next after losing the 200-day moving average as support.