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Bitcoin swiftly erased its month-to-date losses as volatility returned to ultimately favour the bulls. The pair continued a rebound which had begun the day prior, with markets shaking off initial nerves from United States legal action over Binance and Coinbase. In so doing, Bitcoin recovered all of its lost ground, returning to its previous trading range focused just below $27,000. “Back to $27K. Great bounce from the 200-Week MA. Time to start the new uptrend to $38-42K on Bitcoin,” Michaël van de Poppe, founder and CEO of trading firm Eight, responded. [embed]https://twitter.com/CryptoMichNL/status/1666171281090260998[/embed]
Bitcoin has retested 200-week moving average as support - trader coin analyst
Van de Poppe referenced the 200-week moving average, an important support level which at $26,400 was lost for only a matter of hours. A previous Twitter post called the BTC price correction “over,” echoing similar sentiment from popular traders. “Bitcoin has retested the 200-week MA as support,” trader and analyst Rekt Capital confirmed. Rekt Capital had previously warned that a firm loss of the 200-week MA would result in a trip toward $20,000. [embed]https://twitter.com/CryptoMichNL/status/1666138055273590797[/embed] [embed]https://twitter.com/rektcapital/status/1666132297123344400[/embed]
Instant View: Binance trading suite sees signs of relief after bitcoin bounce
Analysing the bounce itself, trading suite Decentrader saw cause for relief based on exchange trader behaviour. [embed]https://twitter.com/MI_Algos/status/1666139269348335616[/embed] Commenting on the subsequent return below $27,000, analysts argued that it was increasing long positions holding the market back. Monitoring resource Material Indicators meanwhile tracked liquidity movements on the Binance order book, describing events as a “stairway to heaven” as conditions improved. It nonetheless flagged $27,400 as a key area to break through, something which at the time of writing had not occurred.