Bitcoin's recent pullback has many investors on edge, but don't write off the king of crypto just yet. The 200-day moving average, a key support level, has been tested and held, indicating a potential bottom is forming. While volatility is expected to remain high, the current price action suggests a rebound could be imminent.

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The 200-day moving average has historically been a reliable support level for Bitcoin. If it continues to hold, it could be a sign of a bullish reversal and a potential rebound is on the horizon.