Bitcoin (BTC) prices broke below a long-standing support wave, which was instrumental in keeping its strong bullish bias intact after March 2020's crypto market crash. Dubbed as the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles. {chart} For instance, the 50-week SMA acted as support during the 2018 bear market. The wave capped Bitcoin from undergoing deeper downtrends—between February 2018 and ... (full story)