Grizzly
Bitcoin: Bulls face a significant challenge
Looking at the Bitcoin technical chart, we can see that the 200-day and 200-week moving average lines overlap at $27,800, which is extremely near to the static resistance at $28,000. On the other hand, on-chain data suggests that the realized price for the 3-6 month and 12-18 month age bands has created an averhead barrier around $27,800, confirming technical resistance. In the short-term, bulls must decisively break above $28,000 in order to retest its key resistance level of $32,000. If this does not occur, the support level at $25,000 may be broken below this time, in which case we should wait for the price to hit $20,000.