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Bitcoin.
It recently experienced a speculative rally, breaking through the 21-week moving average (yellow line) and remaining above it for two weeks. Now it's trading below it.
The previous bear market surge occurred at the beginning of the war between Russia and Ukraine, reaching the 21-week moving average and closing above it for two weeks before breaking back. And what happened next? A 65% drop.
The same pattern occurs with every bear market; prices don't fall vertically and require periods of speculative rally and distribution.
The $40,000-$50,000 range is calling, and Bitcoin is waiting for the summer.
$BTC
{spot}(BTCUSDT)