The prominent crypto market analyst Benjamin Cowen has seen a heavy resistance coming towards Bitcoin at an important price level. In a recent update that was on Bitcoin’s price, Cowen told his more than 450,000 followers that the given Bitcoin would bounce off the 50-week while moving average, and it is currently priced as under $33,000. He is extremely surprised if the top crypto assets are not continuing their run to the 20-week SMA, which is also sitting right above 44,000.
He is surprised at the moment if they will not test at least the 20-week SMA because they have tested it various times after bouncing off the 50-week SMA. While going back to the history, various times we have bounced off 50-week then gone to 20 weeks – there was a lot that has been happened.
Cowen also said that a movement for BTC above the level of $42,000 would be marked as the previous local top during January this year, and it would likely cement a forward push to the 20 weeks of SMA.