Popular Crypto Trader Outlines How Bitcoin (BTC) Can Overcome Weeks of Bearish Price Action
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A popular crypto analyst and trader reveals what leading digital asset Bitcoin (BTC) needs to do to regain a key support level.
Pseudonymous analyst Rekt Capital tells its 328,000 Twitter followers that the largest cryptocurrency by market cap missed its 200-week moving average weeks ago, but has yet to turn it into resistance.
Dealer says that if the king crypto could hold the area around $19,500, it could once again return to its 200-week moving average.
“BTC is struggling near the ~$19,170 support. But interestingly, BTC is at a subtly higher base compared to late June lows. BTC missed the 200-week moving average weeks ago, but hasn’t turned it into new resistance. If the green support holds, BTC could to return to the 200 weekly moving average.
Rect Capital then notes how Bitcoin buying volume is now similar to weeks ago. However, according to the trader, the purchase has had less impact on the price of BTC, even though the token costs less.
“This week’s BTC buying volume is similar to [the] buy quantity a few weeks ago. However, weeks ago [a] a similar volume raised +10% at higher prices. This week similar buying volume has caused a small +4% reaction at lower prices and most of that has been recovered.”
Recently, the analyst also outlined how Bitcoin was quickly approaching its bear market bottom. He said that BTC is looking to bottom out a year after its previous bull market peak. According to the trader, it has been about 300 days since Bitcoin reached its most recent bull market peak.
At the time of writing, BTC is trading at $19,950, a fraction of the gain for the day.
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