Bitcoin (BTC) Closes Below 200-WMA for the Third Consecutive Week, Time to Be Cautious?
The world’s largest cryptocurrency Bitcoin (BTC) has once again come under selling pressure and is currently trading 2.15% down at a price of $20,686 with a market cap of $394 billion.
This is for the very first time that Bitcoin has formed a third consecutive weekly candle below its 200-Week Moving Average.
Last week, Bitcoin witnessed some buy-side volumes pulling the crypto to $22,000. Popular market analyst Rekt Capital draws an analogy to the 2018 bear market. The analyst writes:
Last week, BTC printed similar buy-side volume to the 2018 Bear Market Bottom at the 200-week MA During the formation of the 2018 bottom however, that buyer volume preceded extra -20% downside If $BTC were to drop an extra -20% soon, price would reach ~$16400.
Will Bitcoin DownTrend Continue Further?
The recent Bitcoin price correction comes on the heels of heavy offloading done by Bitcoin miners. As per banking giant JPMorgan, these sales might continue to put pressure on Bitcoin. In a note to clients, the JPMorgan strategists said:
“Offloading of Bitcoins by miners, in order to meet ongoing costs or to delever, could continue into Q3 if their profitability fails to improve. The offloading has likely already weighed on prices in May and June, though there is a risk that this pressure could continue.”
The cost of Bitcoin mining as of date could vary depending on the size of Bitcoin production. For a large mining company, the BTC production costs stand somewhere around $8,000.
Also, on-chain data provider Glassnode explains that the 2020 bear market has been the worst on record. In its report, Glassnode notes: “Spot prices are currently trading at an 11.3% discount to the realized price, signifying that the average market participant is now underwater on their position”.
During the Bitcoin price crash earlier this month, investors locked a loss of -$4.234B in a single day, a huge 22.5% higher than its previous record of $3.457B set in mid-2021.
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Pi Network Set for Massive Growth as App Studio Upgrade Expands Pi Coin Utility
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
- 3 Altcoins Defying the Market Momentum In October 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
