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HomeCrypto NewsMarketBitcoin Gains 8% But 200 Week Moving Average Is The New Hurdle...

Bitcoin Gains 8% But 200 Week Moving Average Is The New Hurdle For BTC In Gaining Momentum

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Bitcoin is surging, and now attention is drawn to the 200 Week Moving Average.



Bitcoin, the top cryptocurrency, is currently in good standing, and people are watching the apparent trend. The 200-week Moving Average is now the main focus. Various analysts have come out to offer their opinions via Twitter.

The 30k To $20 Crash Was Mainly Artificial.

According to Michael van de Poppe, Bitcoin’s hard crash from $30k to $20k that took the entire market down wasn’t really due to normal market forces but was caused by the market-wide panic after the fall of Terra LUNA. The shock even took Bitcoin below its 200-week Moving Average. From a critical point of view, many would agree with this assessment, especially as the entire crypto market felt the heat.

 

There’s Potential Above The 200-Week MA.

Michael opines that if BTC breaks above the 200-week MA, a massive amount of liquidity could push the price by $3k to $5k. That would see the price hit the ranges of $28k to $30k. At this stage, the general sentiment would change from bearish to bullish and more money would flow in.

Other experts weighing in on the Moving Average focus include Bitcoin Expert India (BEI), who suggest that the price is currently testing the $22,500 where the 200 weekly MA stands.

 

However, Lark Davis, a crypto investor, suggests that the testing for the $22.5k is getting rejected by EMA 4 Hour. This doesn’t mean things will stay that way for long, considering that the coin just hit the $22k mark. At this time, Bitcoin is trading at $22,029 and posting an 8% surge daily.

BTC Dominance Back On The Talk

Meanwhile, there’s growing attention to BTC’s dominance. Santiment took to Twitter to say something about it. Santiment is an on-chain and social metrics analytics company.

Bitcoin Exchange Inflows Continue To Decline

The BTC exchange reserves are following the 4-year downtrend which is a very positive sign for the world’s top crypto. According to Santiment Bitcoin dominance is back on the menu on a healthy Thursday price surge. We’ve seen BTC continue to move from exchanges for nearly 4 years, and this trend hasn’t stopped even with the 8-month price retrace.”

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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