Is Bitcoin Set For Another Poor Show At Weekly Close?

After having a dismal weekly close the last time around, there seem to be no signs of a recovery for Bitcoin. Analyst predictions suggest there could be yet another dip in Bitcoin price before the close.

Historical Trend Broke Last Week

At the close of last week, Bitcoin finished below the 200 weekly moving average for the first time since March 2020. More importantly, Bitcoin’s price still continues to trade below the important mark of around $22,500. Failing to reclaim the mark could mean Bitcoin will eventually break the next support level, which is around $16,000.

The next Bitcoin low could be around $16,000, which is based on Bitcoin’s historical weekly moving averages data. According to Emmy, a crypto trader by the name on Twitter, Bitcoin could reach the $16,450 level.

Emmy believes Bitcoin needs to retrace to the $26,000 by end of this month to signal any buyer strength. Also, the 200-weekly simple moving average (SMA) has to be broken if Bitcoin were to show any positive momentum.

“Right now I am not seeing any change to my prediction that Bitcoin will drop to around $16,450. Bulls need to reclaim weekly 200 SMA at a minimum to show any buyer strength. If we close June at $26,000, it means bulls are back.”