Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?
2022年8月20日 - 02:00AM
NEWSBTC
Bitcoin price has no doubt had an interesting couple of weeks.
After managing to recover from the crash that rocked the market in
June, it is now back down to where it began, losing more than
$3,000 in a matter of days. The swift decline has put the digital
asset below key technical levels. So while the cryptocurrency had
managed to maintain some bullish indicators after falling from
$25,000 initially, it has now completely reversed this trend.
Bitcoin Loses Technical Levels Bitcoin has seen a fast fall in its
price, which has translated into lower 50-day moving averages for
the digital asset. So even when bitcoin had fallen to $23,000
levels, it had been able to maintain above this important point.
That is until bitcoin lost its footing at $23,000 and is now
trading just above $21,000. Related Reading: Crypto Market Gains
Retrace As Ethereum Merge Draws Closer By now, the 50-day moving
average for bitcoin had fallen to $21,891, and at a current trading
price of $21,433 at the time of this writing, it was trading well
below the 50-day MA. The 50-day MA is important for determining
when there might be a turn in investor sentiment towards bearish or
bullish. As bitcoin has fallen below this point, it indicates that
investors are not looking toward buying the digital asset. BTC
falls below 50-day and 200-week MA | Source: BTCUSD on
TradingView.com Another crucial technical level that bitcoin has
lost is the 200-week moving average. Anyone following the digital
asset knows that this was a level that bulls fought hard to
reclaim. After breaking above it a couple of weeks ago, bitcoin had
gone on a positive run that eventually ended at $25,200. Even then,
it had managed to hold above here. That is, until Thursday. The
digital asset is down 8.74% in the last 24 hours alone and 10.09%
on the weekly chart. This decline has followed the Fed’s hawkish
stand in recent times. So basically, the market continues to hold
its breath as the Fed makes more decisions concerning the financial
markets. Related Reading: Bitcoin Price Must Clear This Level
If It Wants To See $28,000 Falling below the 200-week moving
average, coupled with the fall below the 50-day MA, bitcoin had now
registered another bearish trend. It suggests a reversal to
sell-offs, strengthening the bears once more. Trends such as this
can only be reversed with accumulations, and even though there is
buying among bitcoin holders with 100 to 10,000 BTC, there has not
been enough buying to turn the sell-offs around completely.
Presently, bulls are trying to keep the digital asset’s price above
$20,000. With the crash, short traders have ramped up as weakness
is being perceived across the market. This loss in momentum has
continuously dragged the price down, and unless there is
significant buying coming from whales and institutional investors,
bitcoin is more likely to test $20,000 than touch $25,000 again.
Featured image from Coingape, chart from TradingView.com Follow
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