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Thursday, October 6, 2022

Bitcoin Dips Back Under $23k, Traders Risk Further Losses If It Fails To Hold Over 200WMA

Analysts emphasize the significance of maintaining a price above $22,800 for the bullish trend to continue as BTC price declines down below its 200-week moving average.

On July 22, there was a noticeable improvement in the atmosphere around the cryptocurrency ecosystem as traders have been able to put the events of the previous two months behind them and look forward to a promising future thanks to a week of gains.

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The price of Bitcoin (BTC) has been fluctuating around support at $23,000 over the last few days, according to data from Cointelegraph Markets Pro and TradingView. It also continues to hold just above its 200-week moving average (MA), which has historically been a reliable indicator of bear market bottoms.

Here are the critical levels to keep an eye on this weekend, according to analysts, as the debate over the market’s course continues to rage.

Bitcoin must close each week for at least $22,800:

Market analyst Rekt Capital elaborated on the significance of BTC maintaining above the 200-week MA and emphasized the necessity for Bitcoin to post a weekly close of over $22,800:

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Crypto trader and fictitious Twitter user CryptoGodJohn claims that the current price movement is an indication that “a significant move for #BTC is going to happen soon.” He offered the following chart detailing two potential directions Bitcoin could go:

The following chart, which addresses the “possible range break out” for Bitcoin, was submitted by Twitter user Mayne, who also emphasized the potential for a move in either direction.

“Upside might be tasty if we can maintain over $22.5k/range high,” they continued. Lose the high range; this was probably an error. When you target shorts again and get over range high, your risk increases.

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