Bitcoin is testing the 200 Day Moving Average currently...

If bitcoin can break the current resistance level, it's really off to the races for bitcoin.

That current resistant level is none other than the 200 day moving average:

(Source: https://twitter.com/AltcoinDailyio/status/1419681588888051715/photo/1)

Notice where the previous rally topped out?

The 200 day moving average...

If we can close above this line it will flash a major buy signal for many institutions and funds out there trading bitcoin.

Shorts will cover and those wanting to go long while pile.

A close above or below the 200 day is a major trading signal globally.

There is also some horizontal resistance around the $40k level as well, so if we can close above the 200 and above $40k we will really have a bullish setup.