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Thursday, September 14, 2023

Bitcoin Has Been Testing Its Moving Average For The Year

Bitcoin is preparing for a showdown as the key moving average price trend for the 19th of December showed that time was running out for a strong close to the year. According to data that was taken from TradingView and Cointelegraph Markets Pro, the price at which BTC/USD traded was still $47,000 on Sunday, firmly entrenching it in the support range.

This price is currently in the location of the yearly moving average trendline for the cryptocurrency, which is quite an important point of note- as it would have quite an upside if the exchange were to preserve and maintain it as support.

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Bitcoin Might Not Have A Strong End Of Year Close

Philip Swift, the creator of Look into Bitcoin, an on-chain data resource, stated that the yearly moving average was quite an important BTC bull/bear pivot level historically, and they were sitting right on top of what could be a dormant volcano. A bounce at this point would definitely leave a large part of the ground left to recover in order to force an end of the year closing which would slightly be in line with the expectations that the previous bullish reports had.

Among these are those of PlanB- stock-to-flow model, who last weekend acknowledged that his target for Bitcoin to reach $100,000 was quite unlikely. Nevertheless, he also stated that he wouldn’t be abandoning the models, which do seem valid despite recent events shifting it out of place. 

This unusual end of the year for Bitcoin has definitely impacted most of the traditional markets, with the classic Santa rally nowhere to be seen over the week. According to statements made by the United States Federal Reserve, they provided a short-lived performance boost- but on the whole, the progress has been pretty limp as compared to what seemed to be the case in the early part of the year

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