Bitcoin narrowly missed a major breakout. History says be careful.
Key takeaways
- Bitcoin BTC$80,950.18 has pulled back below $81,000 after narrowly missing a test of the closely watched 200-day simple moving average (SMA), currently located near $83,300, on Wednesday.
- The 200-day simple moving average (SMA) is widely regarded as a key barometer of long-term market strength.
- However, there is an important historical parallel worth considering.
History says be careful.Your day-ahead look for May 7, 2026By Omkar Godbole, Francisco Rodrigues|Edited by Jamie Crawley May 7, 2026, 11:29 a.m. 4 min read Make preferred on (Sima Ghaffarzadeh/Pixabay)What to know: This is an excerpt from Coin Desk newsletter 'Daybook.' Sign up here, if you haven't already.
This is an excerpt from Coin Desk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin BTC$80,950.18 has pulled back below $81,000 after narrowly missing a test of the closely watched 200-day simple moving average (SMA), currently located near $83,300, on Wednesday. The broader crypto market is also trading in the red, with the CoinDesk Smart Contract Platform Select Capped Index losing more than 2% over the past 24 hours, making it the worst performer among major sector indices.