BTC fluctuates; El Salvador plans a ‘Bitcoin City‘ powered by a volcano

<p>Bitcoin had a less than convincing weekly close, failing to hold perceived critical support lines. However, at least one prominent analyst believes that a lengthening bull market cycle is unfolding.</p> <p>Meanwhile, disregarding concerns about "blow-off tops," El Salvador's BTC-obsessed president is planning to construct "Bitcoin City" at the base of a volcano.</p> <p>At the time of press, the total cryptocurrency market capitalisation is down 3% from yesterday's close, according to CoinGecko data, and is hovering around the US$2.7 trillion mark.</p> <p>It's predominantly red all the way down the market capitalisation charts, including the top 100 coins. Market health indicators Bitcoin (BTC) and Ethereum (ETH) both fell roughly 4.5 percent over the last 24 hours.</p> <p>Avalanche (AVAX) has meanwhile broken into the top 10, relegating Dogecoin (DOGE) to the dog house (well, #11) for the time being. Avalanche appears unstoppable at the moment (though it will have to come to a halt at some point), having recently reached another all-time high of US$144.96. It is up about 3% in the last day.</p> <p>According to the excellent American crypto YouTuber and quantitative data analyst Benjamin Cowen, Bitcoin needed to close the week at least US$59.3k to see likely additional short-term upside. That was the eight-week moving average.</p> <p>Cowen cites the Bitcoin "bull market support band," which is currently below current levels, as a possible area for the OG cryptocurrency to fall and retest as support. That band is formed by the combination of Bitcoin's 20-week simple moving average and its 21-week exponential moving average, and it is currently forming a range of approximately US$51k to $53k.</p> <p>He is not predicting that it will fall that low, or that it must, merely that it is a critical area to hold.</p> <p>Cowen believes that if the eight-week moving average is not quickly reclaimed (which may be slightly higher than $59.3k by the time you hear this), Bitcoin will likely remain stuck for "at least