Bitcoin Gains 8% But 200 Week Moving Average Is The New Hurdle For BTC In Gaining Momentum
Bitcoin is surging, and now attention is drawn to the 200 Week Moving Average.
Bitcoin, the top cryptocurrency, is currently in good standing, and people are watching the apparent trend. The 200-week Moving Average is now the main focus. Various analysts have come out to offer their opinions via Twitter.
The 30k To $20 Crash Was Mainly Artificial.
According to Michael van de Poppe, Bitcoin’s hard crash from $30k to $20k that took the entire market down wasn’t really due to normal market forces but was caused by the market-wide panic after the fall of Terra LUNA. The shock even took Bitcoin below its 200-week Moving Average. From a critical point of view, many would agree with this assessment, especially as the entire crypto market felt the heat.
Regardless of the fact that #Bitcoin has been crashing heavily, the last part of the crash (from $30K to $20K) was primarily due to the aftermath of the $LUNA crash.
It even crashed beneath the 200-Week MA, through which the valuation is extremely low as we speak.
— Michaël van de Poppe (@CryptoMichNL) July 7, 2022
There’s Potential Above The 200-Week MA.
Michael opines that if BTC breaks above the 200-week MA, a massive amount of liquidity could push the price by $3k to $5k. That would see the price hit the ranges of $28k to $30k. At this stage, the general sentiment would change from bearish to bullish and more money would flow in.
Other experts weighing in on the Moving Average focus include Bitcoin Expert India (BEI), who suggest that the price is currently testing the $22,500 where the 200 weekly MA stands.
🟢 22k ~ #Bitcoin#BTC tested the imp resistance of 200 weekly MA at $22500. pic.twitter.com/yr9PJ3YiNz
— BITCOIN EXPERT INDIA (@Btcexpertindia) July 8, 2022
However, Lark Davis, a crypto investor, suggests that the testing for the $22.5k is getting rejected by EMA 4 Hour. This doesn’t mean things will stay that way for long, considering that the coin just hit the $22k mark. At this time, Bitcoin is trading at $22,029 and posting an 8% surge daily.
BTC Dominance Back On The Talk
Meanwhile, there’s growing attention to BTC’s dominance. Santiment took to Twitter to say something about it. Santiment is an on-chain and social metrics analytics company.
Bitcoin Exchange Inflows Continue To Decline
The BTC exchange reserves are following the 4-year downtrend which is a very positive sign for the world’s top crypto. According to Santiment “Bitcoin dominance is back on the menu on a healthy Thursday price surge. We’ve seen BTC continue to move from exchanges for nearly 4 years, and this trend hasn’t stopped even with the 8-month price retrace.”
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