Trader: The key trend line for Bitcoin at $68,000 is expected to support its price

According to Cointelegraph, several traders have analyzed that the price of Bitcoin may be approaching a key long-term trend line support level.

Analysis shows that Bitcoin's 200-week Exponential Moving Average (EMA) is currently around $68,400, which is considered an important potential macro bottom area. Trader Nic Puckrin pointed out that if Bitcoin falls below the current April low of about $74,400, the next key support level is around $70,000. If it further breaks down, the market may look towards the $55,700 to $58,200 range, which lies between the global average cost price and the 200-week moving average, and is expected to become the final bottom. Other traders like Altcoin Sherpa and BitBull also believe that a price pullback to the 200-week EMA "makes sense," and historically, every time Bitcoin has fallen below the 100-week EMA, it usually retests the 200-week EMA as long-term support.