Bitcoin [BTC]: With this new milestone, a new bull cycle remains in doubt

ambcrypto.com:

Leading coin Bitcoin [BTC] registered a new milestone as the coin’s 1-week average market price fell deep below the 200-week average for the first time, CryptoQuant analyst Binh Dang  found. 

According to Dang, this means that a new bull cycle for BTC remains unconfirmed as the king coin’s price needs to experience a significant break above this level to signal a new upward trend.

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Dang added that the current market movement offers an opportunity for those keen on coin accumulation for long-term gains. This could be a profitable strategy if BTC’s price does eventually break through the resistance level and begin a new bull cycle, Dang argued.

Furthermore, Dang said that a sideways movement might be necessary for BTC to achieve sustainable growth. As a result, BTC’s price may need to experience a period of stability and consolidation, similar to what occurred in 2015-2016, rather than a rapid upward movement like in 2019. Dang opined:

“I expect a sideways action long enough, like 2015-2016, to move towards sustainable growth rather than rushing like in 2019,” 

According to CoinMarketCap, BTC’s price has fallen by almost 5% in the last week. As the king coin failed to reclaim the $24,000 price mark many had hoped for, coin distribution for profits became the prevalent trend among investors.

Data from Coinglass revealed a steady fall in the coin’s Open Interest in the last seven days. A decline in an asset’s Open Interest means that the number of open positions in the market has decreased, which indicates a decrease in market participation and trading activity.

It also hints at a decline in demand for the asset concerned, which is often accompanied by a