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Bitcoin could remain bullish, but there are a few conditions that the king coin must mark in order to remain on a bullish trajectory.
At the moment of writing this article, BTC is trading in the rede, and the king coin is priced at $61,793.
Analyst Benjamin Cowen recently said in a video on YouTube that the king coin is trading well above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). It’s essential to note the fact that these are two technical indicators that he refers to collectively as the “bull market support band.”
He says the 20-week SMA sits around $46,800 and the 21-week EMA is at $50,100.
“These would be the lines in the sand we would want to hold to maintain the integrity of the bull market, so as long as we’re above these lines, things are still good.”
More than that, he also recommends keeping an eye on the 8-week simple moving average.
“Remember we have our trusty 8-week SMA that perhaps we can also potentially hold as support. We were able to stay above the 8-week SMA earlier this cycle.”
He continued and explained the following:
“In the first leg of the market cycle you can see we more or less stayed above that 8-week moving average all the way up, and then once we broke through it, it meant we were going to test the bull market support band.”
Bitcoin adoption is going strong
Bitcoin adoption is also going well these days. Miami Maylor Francis Suarez committed to taking his next paycheck fully in Bitcoin.
He’s now the first known US politician who is making such a move.
Bitcoin Magazine noted that the mayor, who is a BTC bull and has been making massive efforts to integrate the network into his city’s operations. He just announced his intention to convert 100% of his next paycheck into Bitcoin on Twitter.
I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc
— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
Stay tuned for more news, and make sure to keep your eyes on the crypto market.