BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week

Bitcoin (BTC) is starting the new week at around $63,000, but bear-market history continues to repeat with weekly close below a key long-term trend line.

Key points:

• Bitcoin has been trading in a range between $57,700 and $67,300, but last week’s close came with a drop below the key 200-week moving average at $64,216.
• Markets are pricing in near-70% odds of a hold by the Federal Reserve in September, as July meeting minutes are due this week.
• Japan Q2 GDP figures fall short of expectations at 1.1% as analysis warns of “global tightening” that could impact Bitcoin and risk assets. 

Bitcoin sees weekly close below 200-week moving average

Bitcoin price action enjoyed a modest rebound after Sunday’s weekly close, seeing local highs of $63,655 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Data from TradingView shows BTC/USD continuing to tread water as the week begins, failing to challenge either side of a narrow trading range.

Analyst Benjamin Cowen, however, drew attention to the fact that BTC/USD is now back below its 200-week simple moving average (SMA). As Cointelegraph reported, this moving average was a defining feature in the 2022 bear market, when it turned resistance in August before BTC entered its long-term bottoming phase.