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Saturday, February 4, 2023

Bitcoin Has Been Trading Below The Key Trendline

The price of Bitcoin is now moving below the key moving average than it previously was at the pit of the COVID crash that took place in March 2020. In a tweet that was made on the 4th of January, Rekt Capital- a popular analyst and trader, went on to reveal how remarkable the bear market of BTC was in reality.

Interestingly, not only has the cryptocurrency spent quite a lot of time below the 200-week moving average than before, but it is also beneath it at just about any point in history. While checking the weekly BTC/USD chart, Rekt Capital also went on to confirm that as of the 4th of January, BTC/USD had been trading at a point around 37% below the 200 WMA. 

Bitcoin Could Be Experiencing The Worst Winter Ever

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Rekt Capital further noted that the current position of Bitcoin was deeper than -31% in March 2020. These numbers do provide a very interesting reading in the bear market which hasn’t yet seen the price retracement from all-time highs rival earlier bottoms in percentage terms.

In March 2020, the cryptocurrency did end up losing around 60% in just a matter of days with the market reacting quite strongly to the first wave of the coronavirus lockdowns. At that time, the largest cryptocurrency did end up spending just under two below the 200 weekly moving average- which was quite a contrast with 2022. The exchange also lost the trendline- which would also figure in the bear market of 2018. 

It is believed that the situation for Bitcoin will be worsening further. Analysts are also betting on Q1 offering up a further test of the resolve of the bulls, even if that results in the BTC price action being higher than what it is presently.

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