Bitcoin (BTC) has been performing strongly in the last few weeks, however, to remain at the top of all the cryptocurrencies and help the trader to gain, it needs to follow two levels. Rekt Capital which is a popular trader and analyst in the cryptocurrency market has come up with these two key targets. This analyst took to Twitter on Feb. 9, 2022, to discuss these two levels.
Key Bitcoin resistance levels
BTC went up to a record high of $69,000 on Nov. 10, 2021. Even though BTC opened at a low figure of $28,000 in Jan. 2021, it went up to a record high in November. This week on Wednesday it went up by 13%, but in order to remain strong in the market, Bitcoin needs to take some strong measures.
No ‘’Golden Cross’’ for Bitcoin in the near future
Whenever an asset’s average price/moving average (MA) over the last 50 days drops below that of its 200-day moving average a ”death cross” is formed. In January 2022, it fell to about $40, 000 which was close to a death-cross for Bitcoin.
The last time bitcoin formed a ”death cross” was in June 2021 and there was a strong possibility of a similar situation in March 2020. After the world was grappled in the wave of the COVID 19 pandemic, the investors did not think that investing in the crypto market will be a good idea.
Rekt Capital also predicted that the opposite situation which is known as the ”golden cross” for bitcoin is not expected to happen in the near future.
What should the Bitcoin investors do?
As per the finance specialists, investors should keep cryptocurrency, specialized ETFs, alternative assets, etc. to less than 5% of the total portfolio and invest most of the money in secured options like SIP, Fixed deposit, etc. It is advised that long-term Bitcoin investors should hold on to their crypto investments till Bitcoin stabilizes further.
