This threshold is very critical for the Bitcoin bull market.

When evaluating the price of Bitcoin (BTC), the cryptocurrency analyst made a prediction on the long-term moving average data and explained the level needed for the price to rise.

Analyst and trader Rekt Capital, who shared on Twitter on September 29, said that signs of recovery are seen in the price of Bitcoin, but macro factors have not yet reached the desired consistency.

In his market assessment, he argued that the critical level for Bitcoin, where he conducted long-term price analysis, is $ 43,600.

He stated that the BTC / USD parity, which fell below the 21-day moving average value, and its course around $ 40,000 required a recovery to the upside. Analyst he wrote:

“The price of BTC must rise to $ 43,600 this week to regain bullish momentum after falling below $ 40,000 last week.”

Weekly chart of the BTC / USD pair. Source: TradingView

According to data from Cointelegraph Markets and TradingView, the price of BTC managed to climb above the 21-week moving average (MA) value calculated at $ 40,837 last week.

On the other hand, when drawing attention to the indicator “Pi Cycle MA” calculated with the data of the 11-day moving average, the analyst emphasized that the parity has touched this level and has risen during the last week.

Daily chart of the BTC / USD pair. Source: TradingView

shared on Twitter in your messageHe added that the pair, which has created rising lows in the value of the relevant indicator, must break above the resistance level around $ 43,600 in order to move higher.

Daily chart of the BTC / USD pair. Source: TradingView

When looking at the short-term price action of the pair, both the 50-day simple moving average (SMA) and the 20-day exponential moving average (EMA) are trending downward, with the relative strength index (RSI) just below the midpoint. So from now on, the advantage is in favor of the bears, albeit slightly.

The opinions and comments expressed in this document are solely to the author belongs. It may not reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision.

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