The momentum in the Bitcoin price has decreased to its weakest level since March, as indicated by a key metric. The Z-score to its 200-Day Moving Average has fallen below 1.0, indicating that the current Bitcoin price is only slightly above its average daily closing price over the past 200 days. Traders are booking profits after this year's impressive rally and are becoming more cautious about how much further Bitcoin might rally over the remainder of the year. However, a Z-score to the 200DMA of just under one has often been a good time to buy Bitcoin, if the cryptocurrency is deemed to be in the early or middle stages of a bull run.
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