Bitcoin Tests Yearly Moving Average for 20 Days Without Holding: CryptoQuant Analyst

The repeated failure to reclaim the yearly moving average matters less as a standalone signal than as a measure of how persistently sellers defend that level. Four such episodes in one bear phase suggests the market is compressing rather than resolving, and Adler's framing points to a directional move being the more likely outcome than continued chop. The open question is whether that resolution comes with volume behind it — a breakout or breakdown on thin participation would say more about positioning than about trend.