Key Takeaways
- Bitcoin’s approach to the 200-day MA could signal a new bullish trend.
- Minimal liquidations indicate cautious trading and limited downward pressure.
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Bitcoin has been trying to push past its 200-day moving average (MA), currently sitting at roughly $64,000, for the past five consecutive days. Historically, rising above the 200-day MA signals further upward momentum, serving as a key indicator of long-term market sentiment.
Bitcoin has surged over 5% since the Federal Reserve rate cut announcement, reaching $63.5k and approaching the critical $64k level of the 200-day moving average.
As Bitcoin hovers near the 200-day MA, CoinGlass reports $7 million in long liquidations and $5 million in short liquidations. The low liquidation levels indicate cautious trading and limited downward pressure, hinting at potential bullish momentum.
In October 2023, Bitcoin also rallied past its 200-day MA, which was then around $28,000. That breakout was triggered by the anticipation of a spot Bitcoin ETF approval in the US, driving a powerful rally that eventually saw Bitcoin hit all-time highs of over $70,000 by March.
This time around, multiple factors are once again aligning to support a breakout. With the approval of options trading for BlackRock’s Bitcoin ETF and growing institutional interest in crypto, many believe Bitcoin could soon return to the post-ETF…
Click Here to Read the Full Original Article at Markets Archives – Crypto Briefing…
