Bitcoin Continues Trading above 50-Day MA, Indicating Bullish Sign

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Bitcoin (BTC) stays above the 50-day shifting common (MA), regardless of shedding off some worth within the final 24 hours.

The main cryptocurrency was down 1.64% to hit $43,435 throughout intraday buying and selling, based on CoinMarketCap.

Market analyst Lark Davis believes that BTC made a bullish retest as a result of it’s nonetheless buying and selling above the 50-day MA.

Image

Source: TradingView

Davis had beforehand famous that worth above the 50-day MA was bullish, however its viability was depending on how deliberate rate of interest hike by the U.S. Federal Reserve (Fed) would play out. He acknowledged:

“50-day moving average retaken for Bitcoin. The last two times we crossed over this line, BTC rallied by 54% and 47%. If history rhymes, then we could see BTC rallying up into the 60k range in the next few weeks. PS Biden executive order could still spoil the fun or add rocket fuel.” 

Image

Source: TradingView

Nevertheless, the $43,100 stage is an important space to observe as a result of Bitcoin must maintain it to keep away from a slip again to $38,000.

The 50-day MA is a technical indicator that exhibits the common worth paid by buyers to acquire the asset within the final two and a half months, roughly 10 buying and selling weeks. In buying and selling circles, this indicator is essential as a result of it helps buyers gauge whether or not an asset is displaying energy or weak point based mostly on its present worth relative to the place of the road.

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Source: Santiment

Meanwhile, Bitcoin whales proceed with their accumulation spree, staking 220,000 BTC within the final seven weeks.

“Mega whales of Bitcoin have accumulated significantly the past 7 weeks. Addresses with 1,000 BTC or more have added a combined 220,000 BTC to their combined wallets since December 23rd, the most rapid accumulation we’ve seen since September 2019,” based on market perception supplier Santiment. 

Image supply: Shutterstock

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