The Bitcoin (BTC) The market has seen both highs and lows so far this year. After breaking the previous record of $ 20,000 in December 2020, the previous cryptocurrency has risen to levels for twelve years after reaching $ 64.8,000 in mid-April.
Even so, a sharp correction was imminent as Bitcoin’s price was driven to lows of $ 30,000 on May 19th.
The falling price of BTC had fallen below the 200-day moving average (MA) for the first time since March 2020 Coronavirus pandemic caused a state of turmoil worldwide.
Bitcoin inflows into crypto exchanges, confirmed by Glassnode, have fallen to a 5-month low. The on-chain metrics provider explained::
“The number of Bitcoin exchanges (7d MA) just hit a 5-month low of 2,518,137.”
A small increase in exchange rate inflows means a culture of hold as more users keep theirs Cryptocurrencies in the cold store for speculative or future purposes.
The $ 30,000 level has become important to many investors
Yann & Jan, co-founders of Glassnode, announced that the highest realized daily losses in Bitcoin history were recently recorded at $ 4.5 billion. you specified::
“Highest realized daily losses in history. This shows how many investors support the 30,000 bitcoin level. A coin realizes a loss if the price on its last move was higher than the price on its current move. “
According to Bitcoin, Bitcoin was trading at $ 39,000 at the time of writing CoinMarketCap. A recent analysis by CryptoHamster revealed that BTC should trade for a bullish divergence above the USD 34,000 level, signaling the end of the recent downtrend.
With Bitcoin forming an inverted head and shoulders pattern with a goal of $ 49,000 indicated For market analyst Carl Martin, it remains to be seen whether this will mean an upward reversal pattern.
BTC also recently approached the 200-day MA, and if it closes above this line, which shows the average closing price for the last 200 days, or about 40 weeks of trading, an uptrend is likely to be activated.
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