Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

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  • Bitcoin Stabilized Below $17,000 on Tuesday

  • One crypto analyst suggests price crossing the 200-day high as a bull signal

  • Bitcoin Still Lacks Directional Movement, Further Downside Possible

Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially missing an opportunity to claim $19,000. A technical perspective shows that BTC has successfully defended $16,000 against the bears, indicating a potential reversal zone. But as the price stabilizes once again, one leading analyst suggests that investors wait for a significant bullish signal.

Renowned crypto trader and analyst Kaleo tells bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, bitcoin initiates a bull market every time the price moves above the 200-day moving average. He says that although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to be patient until the main sign pops up.

But analysts believe that bitcoin could go further down. He sees a scenario where BTC consolidates and then makes another low in a bear market. Kaleo says that the uptrend could happen somewhere in June 2023.

BTC gets rejected at 50-day MA

BTC/USD Chart by TradingView

On the technical front, BTC is stable following a correction. The price was rejected at the 50-day moving average, with the cryptocurrency lacking directional bias in a bear market. The RSI has again dropped below the mid-point, indicating the entry of exhaustion by the bears or bulls.

Applying the 200-day MA on the daily chart, BTC is trading below it. It may take several months for the price to cross above this.

How is the BTC price?

From a technical point of view, btc price We may struggle for some time before we see a sustained bullish bounce. If, indeed, BTC will rally when the price crosses above the 200-day MA, then we can wait longer for that to happen. Nevertheless, there are no signs that the bear market is about to end, although the bulls remain strong at $16,000.

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