Bitcoin retests 200-week moving average support, with risk of drop to $57.7K

Bitcoin fell as low as $67,500 today, retesting support at the 200-week simple moving average of $67,993 on the weekly candlestick chart, according to a Cointelegraph analysis. It was the first time BTC had touched the trendline in about 11 weeks since Aug. 19. Keith Alan, co-founder of crypto market analytics firm Material Indicators, warned the BTC 200-week SMA is overlapping with a key RSI support and resistance zone. Alan said the weekly RSI has now fallen to around 41.5, a level that also acted as support in late July, and added that if the weekly RSI drops below 41.5, the door would open to a retest of the cycle low at $57,700.