Closing above the 200-week moving average on the weekly chart is the real signal; for now, let the bullets fly.

Bitjie News reports that long-term holders have taken control of 79% of the circulating supply, indicating confidence. Although some people believe that waiting longer is necessary, key price levels may trigger a stronger recovery. More supply is being locked up by long-term holders, and the volume of coins traded in short-term transactions has fallen, becoming an on-chain signal for the market. Even if prices may not rise immediately, holders generally do not want to sell. Analyst Joao Wedson believes the market will recover from the sell-off, but conditions for the lows of past cycles have not yet appeared. Analyst Michaël van de Poppe pointed out that if the weekly close is above the 200-week moving average, the market setup will be more favorable for an upward move.