Analyst: Bitcoin Retracing to Yearly Price Level, Will It Hold Support or Become a Turning Point in the Trend

BlockBeats News, April 29, according to Cointelegraph, Keith Alan, co-founder of Material Indicators, emphasized the importance of Bitcoin's struggle to reclaim its position from early 2025. This position is around $93,500, which is a key focal point for future trends. A brief dip below this price level after the weekly close raised concerns for Alan.

He stated, "This is also one of the reasons I believe there may be more downward volatility ahead." However, he also acknowledged that a successful retest of the support level could have a positive impact. Alan also added that he hopes Bitcoin's 21-week Simple Moving Average (SMA) will hold but that the current price is in a "key area of interest."