Popular Crypto Trader Outlines How Bitcoin (BTC) Can Overcome Weeks of Bearish Price Action – The Daily Hodl
A well-liked crypto analyst and dealer is unveiling what the main digital asset Bitcoin (BTC) must do to regain a key assist stage.
The pseudonymous analyst Rekt Capital tells his 328,000 Twitter followers that the highest crypto asset by market cap misplaced its 200-week transferring common weeks in the past however has but to flip it into resistance.
The dealer says that if the king crypto might maintain the world round $19,500, it might as soon as once more revisit its 200-week transferring common.
“BTC is struggling near the ~$19,170 support. But what’s interesting is that BTC is at a subtle higher low compared to late June lows. BTC lost the 200-week moving average weeks ago but hasn’t flipped it to new resistance. If green support holds, BTC could revisit the 200-week moving average.”
Supply: Rekt Capital/Twitter
Rekt Capital then notes how Bitcoin’s purchase quantity now’s much like what it was weeks in the past. However, the dealer says BTC’s value has been impacted much less by the shopping for regardless of the token costing much less.
“This week’s BTC buy volume is similar to [the] buy volume of a few weeks ago. However, weeks ago, [a] similar volume produced a +10% move, at higher prices. This week, similar buy volume has produced a small +4% reaction, at lower prices, and most of it has retraced.”
Lately, the analyst additionally outlined how Bitcoin was quick approaching its bear market backside. He mentioned that BTC tends to backside out a yr after its earlier bull market peak. It’s been about 300 days since Bitcoin hit its final bull market peak, in response to the dealer.
BTC is buying and selling for $19,950 at time of writing, a fractional achieve on the day.
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