Bitcoin (CRYPTO: BTC) has stalled near a key level, which could determine whether the bear market is officially over.
Where Is BTC’s ‘Line In The Sand?‘
According to cryptocurrency analyst Benjamin Cowen, Bitcoin’s 50-week moving average is the key level to break before a potential new bull cycle.
Cowen sees similarities between the current rally and 2018, when Bitcoin rallied more than 40% from its summer low before stalling at the 50-week MA.
Cowen stressed that stalling does not necessarily mean rejection, as previous bull-market transitions spent weeks around the level before breaking higher.
