Bitcoin currently right at the 50Week Moving Avg. Historically when under the 50Week MA, Bitcoin is in a Bear Market (other than Black Swan event, Covid in March 2020) or downtrend. When above the 50 Week MA, it's an indication that Bitcoin is in a Bull Market or uptrend.
BTC previously back tested the 50Week MA in July @ $31,800 which lead to a bounce up to the new ATH of $69,000.
Currently the 50Week MA sits at $47,700. At the time of writing BTC sits @ $46,845. So the question is can Bitcoin hold the line? This weeks close will be a battle!
BTC previously back tested the 50Week MA in July @ $31,800 which lead to a bounce up to the new ATH of $69,000.
Currently the 50Week MA sits at $47,700. At the time of writing BTC sits @ $46,845. So the question is can Bitcoin hold the line? This weeks close will be a battle!