First the good news.
There is very good support below on Bitcoin between $74,800 and $73,300 with a particular focus on the 55-Week MA at $,74,781. That should be a difficult range to break.
Next the bad news.
On the 4 occasions in over a decade, including the Jan 2022 example seen on this chart when Bitcoin has spent an extended period above the 55-week MA (2-years this week) and then has seen a weekly close below it has a 100% track record of continuing lower to the 200-week MA.
That does not necessarily mean to the present $44,861 level. When it closed below the 55-week MA in Jan 2022 the 200-week MA was at $18,960 but by the time it hit it, it was at $22,2835 months later (In 5-months it will be around $51k for example)
On the other side, in 3 of those 4 examples the low eventually overshot the 200-week MA
And then the other bad news
Bitcoin is a far more mainstream asset than it was in other periods and its chart is not all that different from markets like the SOX and NDX that also have those 55-200 week MA setups but are slightly more advanced in their moves.
Bitcoin is way more widely owned at much higher levels and therefore has a much more material portfolio effect (potentially) than those other periods.
Right now, it is hard to look at any of these equity market charts (or Fixed Income) for that matter and see any indication that this "rout" has yet run its course.
