Bitcoin Struggles To Cross Its 200-Week Moving Average, More BTC Downside Possible
Bitcoin Price
Modified Date:- Published Date:-Categories: Bitcoins
Bitcoin Struggles to Cross Its 200-Week Moving Average, More BTC Downside Possible
Altcoins made a strong appearance throughout the last week, with Ethereum (ETH) standing out and transcending $1,500 as of press time. Then again, the exhibition of Bitcoin remains moderately feeble! BTC is areas of strength for confronting at its 200-week SMA, having acquired 10% over the course of the last week. Confronting dismissal on its 200-week SMA.
BTC is currently trading at the $22,102 level.If Bitcoin fails to break these levels, we can expect some trend reversal and profit booking soon. Now, let's take a look at what some on-chain metrics suggest going forward.
Bitcoin On-Chain Metrics
The current spot price of bitcoin is currently trading below its actual price. Historical trends suggest that this has been a period of accumulation in previous bear cycles. Taking into account the previous bear cycles, the average time spent under the real price is 197 days. During the bear market of 2022, we are just 35 days on the clock, notes Glassnode.
Popular crypto market analyst Lark Davis called it a bear market rally, and suggested followers to exit positions after some recent pumps. In his Twitter post, Davis wrote: "PSA control your emotions, this is a bear market rally until proven otherwise. Lots of trading opportunities, maybe even exiting some positions, but caution Let's go".
Bitcoin has struggled to cross its 200-week moving average as of late. Bitcoin’s price had been moving up and down in a consolidation pattern recently, with the cryptocurrency struggling to make higher highs as traders continue to short it. The cryptocurrency has been on an upward trend for most of this week as it approaches its 200-week moving average.