Thursday, September 29, 2022
HomeCrypto NewsAnalysisBitcoin Still Facing Strong Resistance By 200-Weekly Moving Average, Must Cross The...

Bitcoin Still Facing Strong Resistance By 200-Weekly Moving Average, Must Cross The Hurdle To Rally Further

- Advertisement -
Follow-Us-On-Google-News

 

Bitcoin is still struggling to break the 200-week Moving average (MA) that, if crossed, could trigger a run for $28k.



The world’s top crypto is apparently trying to gather steam after weeks of bear attacks. While Bitcoin seems to have gained a bit over the last 24 hours, the momentum is still not enough to push it significantly. At the moment, the coin is valued at just around $22,120.

However, this price point puts Bitcoin below the resistance level established at around $22,850, where 200-weekly MA acts as a strong resistance. That’s according to new data posted by Rekt Capital. Bitcoin must reach and breach this point to record any significant movement.

rekkt capital

Image Source: Rekt Capital

No Continuation Expected

According to another famous trader, Michael van de Poppe, the current market setting doesn’t seem to favor any big continuation of the current push. In a tweet, Michael opined that range resistance, coupled with the situation below the 200-week MA, makes it hard for Bitcoin’s price to move upwards. However, he did offer an opinion on what could trigger a good movement.

Continuation Would Take Price To $28k

At the current price level, Bitcoin must consolidate to build up enough momentum for a bigger push. According to the trader, a slight consolidation could give the coin enough steam to break above the resistance at around $22.6k and make a dash for the $28k range.

 

Granted, Bitcoin isn’t the only coin in the market to experience stagnation. As a matter of fact, numerous other cryptos have seen high volatility and bottomed out at over a 90% downturn from their previous ATH. The situation was made worse by the collapse of Terra Luna and UST a few weeks ago. However, going by what experts say, the Bitcoin market is still optimistic.

- Advertisement -
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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

spot_img