In the ongoing market turbulence on higher timeframes, Bitcoin (BTC) is at a crucial juncture as a great consolidation phase persists.

Research and analysis firm Material Indicators closely monitored the recent weekly candle close/open, paying particular attention to two key factors: the trend line and the 21-day, 21-week, and 21-month moving averages (MA) – all of which are currently influential in shaping market dynamics. 

Uncertainty And Potential Turning Point For Bitcoin

The opening of the weekly candle below the trend line triggered a “subsequent nosedive,” amplifying concerns. While the 21-week and 21-month moving averages continue to serve as robust support, the 21-day MA has faced a rigorous seven-day testing period, according to the firm’s analysis. 

Notably, the …