Matrixport: Bitcoin hits 21-week moving average, market focuses on key technical levels

On October 21st, Matrixport shared the market's view as follows: The 21-week moving average has once again become a key observation point for Bitcoin's trend. This level has historically been regarded as an important dividing line between bulls and bears: when the price is above it, it often means that the market turns from idling to more; and a drop below it usually indicates that the market has entered a correction stage. If Bitcoin fails to regain its footing at this level for a long time, the current consolidation trend may further evolve into a deeper correction. The current pullback is still relatively mild. In the context of market expectations that the Federal Reserve will still cut interest rates, the overall trend may remain manageable, unless there is a significant weakening of the US economy. Investors should remain cautious until history shows that the ideal time to enter the market often occurs when bitcoin briefly falls below the moving average and then re-stands and remains on the market for a long time.