A popular cryptocurrency analyst and trader is unveiling what the leading digital asset Bitcoin (BTC) needs to do to regain a key support level.
Pseudonymous analyst Rekt Capital tells her 328,000 Twitter followers that the leading crypto asset by market cap lost its moving average of 200 weeks ago, but has yet to turn it into resistance.
The dealer He says that if the cryptocurrency king manages to hold the area around $ 19,500, he could once again revisit his 200-week moving average.
“BTC is struggling near the support of ~ $ 19,170. But the interesting thing is that BTC is at a higher low than the late June lows. BTC lost the moving average of 200 weeks ago, but has not reversed it to a new resistance. If green support holds, BTC could revise the 200-week moving average. “
Rekt Capital therefore Notes how Bitcoin’s buying volume now is similar to what it was weeks ago. However, the trader says that BTC’s price was less affected by the purchase despite the token costing less.
“This week’s BTC purchase volume is similar to [the] buy volume a few weeks ago. However, weeks ago, [a] similar volume produced a + 10% move, at higher prices. This week, similar buying volume produced a small + 4% reaction, at lower prices, and most of it has been retraced. “
Recently, the analyst also outlined how Bitcoin was rapidly approaching the low of the bear market. He said that BTC tends to bottom one year after its previous bull market peak. It has been around 300 days since Bitcoin reached its last bull market peak, according to the trader.
BTC is trading for $ 19,950 at the time of writing, a fractional gain of the day.
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