Bitcoin has formed a new key support level in the current bull market as its 200-day moving average (DMA) has passed the $80,000 mark for the first time. The 200 DMA is an indicator used to determine the asset's trend, with trading above it indicating an uptrend and trading below it indicating a downtrend. This new support level is expected to be strong, although Bitcoin has traded below the 200 DMA in previous bull market cycles. The 200-week moving average, considered even more important, is currently at the $44,411 price point. This development aligns with a report suggesting that Bitcoin's next major support level below $96,000 is around $80,100. The price of Bitcoin has been uncertain in recent weeks, bouncing between $90,000 and its all-time high of $109,000. Some analysts believe the next price surge is imminent, while others warn that a bearish market phase may be beginning.



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