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.”
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. ”
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.
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