Tuesday, February 27, 2024

As the BTC price remains at $20K, Bitcoin is prepared to attack a crucial trendline.

The trading week on Wall Street ended on the 16th of July, the same week bitcoin was able to consolidate itself higher. There were modest gains as far as equities in the United States was concerned. Data gathered both from TradingView as well as CoinTelegraph showed that BTC was in the range of $20,500 as well as $21,000, over the weekend.

This means that BTC was able to make a comeback from the lows it was experiencing before. This came after the shock of data regarding inflation in the US sparked what could be seen as weakness across assets deemed risk assets.

On Bitcoin Reclaiming the Moving Aversge Across 200-Weeks

The data from the order book from Binance is the largest when it comes to the global exchange, just by volume alone. This was showing resistance that was clustered near the mark of $22,000. Material indicators were also monitored. It was seen that there was a possibility that BTC could end up challenging its moving average over 200 weeks. This is seen as a key trendline in the bear market, which it lost as support around a month back.

Rekt Capital, an analyst as well as a trader, said that it was easy to turn bullish on green days. These same people also turned bearish on days that were red. CoinTelegraph had also recently said that the sentiment had reached a record that was unenviable, over the weekend. This happened as the crypto markets ended up capping their longest period when it comes to being in state of fear. This can be seen from the Greed Index as well as Crypto Fear.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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