With bitcoin testing its 200 week moving average, on-chain data suggests the $50,000 to $54,000 range could become the next key battleground.

A widely followed crypto analyst says bitcoin is forming a “bear flag” pattern.

Analysts noted bitcoin is stuck between key support near $60,000 and resistance around $68,000, and a bearish chart pattern could send prices toward $54,000.

BTC's long-term moving averages are set to flash a bearish signal soon. Yet, its good news for the bulls.

With bitcoin testing its 200 week moving average, on-chain data suggests the $50,000 to $54,000 range could become the next key battleground.