Matrixport: Bitcoin Touches 21-Week Moving Average, Market Focused on Key Technical Level

BlockBeats News, October 21st, Matrixport shared the following market insights: The 21-week moving average has once again become a key observation point for Bitcoin's trend. This level has always been seen as an important dividing line for bull-bear conversion: when the price is above it, it often means the market is shifting from bearish to bullish; whereas a drop below it usually indicates the start of a market correction. If Bitcoin fails to reclaim this level for a long time, the current consolidation trend may further evolve into a deeper pullback.

The current pullback is still relatively mild. Against the backdrop of the market's general expectation that the Fed will continue to cut interest rates, the overall trend may remain manageable unless there is a significant weakening in the US economy. From a historical perspective, the ideal entry point often occurs when Bitcoin briefly drops below this moving average, then reclaims it and holds above it for a significant period of time. Until this signal appears, investors should remain cautious.