close
close

Popular Crypto Trader Outlines How Bitcoin (BTC) Can Overcome Weeks Of Bearish Price Action

A popular crypto analyst and trader reveals what major digital asset Bitcoin (BTC) needs to do to regain critical support levels.

Rekt Capital, a pseudonymous analyst, told his 328,000 Twitter followers that the top cryptocurrency by market capitalization lost its 200-week moving average a few weeks ago and is yet to show resistance. .

trader To tell If the King crypto can hold the area around $19,500, it could revisit the 200-week moving average.

“BTC is struggling near the $19,170 support. But what is interesting is that BTC is at a slightly higher low compared to its late June lows. Losing the averages but not reversing to new resistance, BTC could revisit the 200-week moving averages if the green support holds.”

Source: Rekt Capital/Twitter

After Rect Capital Note Bitcoin buying volumes today are similar to what they were a few weeks ago. However, traders say that despite the token’s low cost, BTC’s price is less affected by purchases.

“This week’s BTC purchase volume is [the] Buy a few weeks old volume. But a few weeks ago [a] A similar volume produced a +10% move at the higher price. This week, similar buying volumes generated a small reaction of +4% at lower prices, most of which turned back. ”

Source: Rekt Capital/Twitter

Recently, analysts also outlined that Bitcoin is rapidly approaching the bottom of a bear market. He said BTC tends to bottom out a year after its last bull market peak.It’s been about 300 days since Bitcoin’s last bull market peak, according to traders.

BTC is trading at $19,950 at the time of writing, a small profit for the day.

Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitterfacebook, telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Mirexon/Nikelser Kate

Leave a Comment