Analysts have explained why a moving-average (MA), which has traditionally served as a boundary for bear market, is located at this level.
The current price of Bitcoin’s 50-week MA is $75,195
It’s a brand new world post James Van Straten, an analyst at X has provided a few important MAs relating to Bitcoin. An “MA”It is not a technical analysis (TA) The tool calculates average values of quantities and, as the name suggests, moves with them in time.
You can take MAs over any period of time – whether it’s 10 minutes, 10 years or more. It is primarily used for studying trends over the long term, since it can filter out all short-term variations in the graph.
This chart shows the trends in the MAs for the Bitcoin Price over the past 12 months.
The graph above shows that the Bitcoin price dropped below its 200-day MA following the recent drop. market downturn, meaning that the asset’s value now is lower than the average for the last 200 days.
The 200-day MA in TA is often used as a line that separates bullish from bearish trends. A breakdown at this level would be considered to be a negative sign. BTC’s latest fall would seem to indicate that it has dropped below this crucial level.
A 50-week MA may also be a level of division in macrotrends, but the cryptocurrency is still above it. “Below 50WMA is a bear market,” notes Van Straten. The level currently is $75,195.
If BTC’s current bearish trajectory continues, it’s possible that this line might be put to test. But the analyst pointed out the coin had dropped below the 200 day MA before, and was able to recover, before it broke under the 50 week MA. Now it remains to be determined whether or not a similar pattern will play out again.
Axel Adler Jr, author of CryptoQuant, shared this news in an X article. post.
The analyst has included the following data in the graph: “Open Interest,”The total number of open derivatives positions for an asset on all the centralized exchanges.
The metric appears to have fallen by $700 millions for Ethereum and $668 for Bitcoin.
BTC price
Bitcoin is recovering after a 24 hour slump. Its price has gone up 7% and reached the $83,000 mark.
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Source: www.newsbtc.com
