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The $83,000 level carries additional significance beyond investor psychology. It also aligns closely with Bitcoin’s 200-day moving average, a technical indicator widely watched by traders and analysts. Historically, Bitcoin has struggled to move decisively above that level during weaker market phases. Analysts at CryptoQuant previously described the 200-day moving average as “a key bear market ceiling,” pointing to similar behaviour during March 2022, when Bitcoin rallied only to lose momentum after reaching that threshold, according to the Bloomberg report.
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