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Bitcoin (CRYPTO: BTC) has dropped roughly $10,000 in recent weeks, falling from around $83,000 to near $73,000 after rejecting almost exactly at its 200-day moving average.
Why BTC Looks Vulnerable
Crypto analyst Benjamin Cowen said on May 29 this rejection mirrors similar bear market setups in 2018 and 2022, when Bitcoin rallied into the 200-DMA before rolling over again.
Cowen said Bitcoin remains inside its historical midterm-year “window of weakness,” a period that has often pressured the asset during prior four-year cycles.
He noted that Bitcoin has typically formed lows during the first half of midterm years:
- First major drop near …
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