A popular crypto analyst and trader reveals what leading digital asset Bitcoin (BTC) needs to do to regain a key support level.
Pseudonymous analyst Rekt Capital tells his 328,000 Twitter followers that the top crypto asset by market capitalization lost its 200-week moving average a few weeks ago, but has yet to turn it into resistance.
The merchant said that if the crypto king can hold the area around $19,500, it could see its 200-week moving average again.
“BTC is struggling near support at ~$19,170. But what’s interesting is that BTC is at a subtly higher low from late June lows. BTC has lost the 200-week moving average a few weeks ago, but has not reversed it to new resistance.If green support holds, BTC could revisit the 200-week moving average.
Rekt Capital then Remarks how Bitcoin buying volume is now similar to what it was a few weeks ago. However, the trader claims that the price of BTC was less impacted by the purchase despite the token costing less.
“This week’s BTC buying volume is similar to [the] purchase volume from a few weeks ago. However, weeks ago, [a] similar volume produced a +10% move, to higher prices. This week, similar buying volume produced a small reaction of +4%, at lower prices, and most of it pulled back.
Recently, the analyst also explained how Bitcoin was rapidly approaching its bear market low. He said BTC tended to bottom out a year after its previous bull market peak. It has been around 300 days since Bitcoin hit its last bull market peak, according to the trader.
BTC is trading at $19,950 at the time of writing, a fractional gain on the day.
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