return of bitcoin from key support; Is the jump of 66% repeated?

The bitcoin price chart shows that this digital currency has already reached a very important level of support. Bitcoin jumped about 66 percent by 2021, and now analysts are emphasizing its importance. It seems that the world’s largest digital currency may begin its upward trend in this range.

According to the Quin Telegraph, bitcoin fell again after trading shortly above $ 47,000 on April 5 (April 16), starting to trade on the US stock market.

Graph of the price of bitcoin in everyday view
Graph of the price of bitcoin in everyday view.

200-day moving average in a key supporting role

Following the opening of financial markets on April 5, bitcoin faced pressure to sell. Thus, the price of bitcoin has more or less remained at the same level for the last 24 hours, and in the meantime there have been ups and downs.

Although the general trend in the bitcoin market is still unclear, traders and analysts are waiting to see where the world’s largest digital currency will continue to move. However, a Twitter user named CivEkonom is still optimistic, setting a $ 54,000 target for bitcoin, given the price difference on the Chicago Board of Trade (CME).

Referring to the following diagram, he said:

The price of bitcoin is like a compressed spring that wants to be blown up. There is a possibility of an upward trend, but it can never be said for sure.

A leading market analyst, Crypto Rover, tweeted the significance of the 200-day moving average (MA) that Bitcoin had previously tried to cross. He stressed that the price of bitcoin has historically risen significantly after each crossing of this moving average.

Bitcoin price chart with 200-day moving average (24-hour view)
Daily chart of the price of bitcoin with a 200-day moving average.

He said on Twitter yesterday:

After 190 days, bitcoin tested the 200-day moving average as a support level. For the last time after reaching this support, in the next 43 days, the price of bitcoin rose by 66%.

Meanwhile, rumors that microstrate has bought more than 4,000 new bitcoins, despite praise from commentators, have failed to provide enough strength to continue the uptrend.

The company’s bitcoin reserves have already reached 129,218 units, which is still the largest holder of this digital currency in the world. However, Terra’s blockchain protocol is such that its bitcoin stocks will eventually have to outperform the microstructure and any other bitcoin kit.

Read also: Overview of Luna Foundation’s $ 10 billion bitcoin investment; How to find out about future purchases?

Another analyst, Rekt Capital, said Bitcoin’s performance over long periods of time has been impressive.

In a tweet on April 5, he described Kendall as a successful achievement in the first quarter of 2022, while the price of bitcoin has not changed much since.

Graph of the price of bitcoin in a quarterly view
Graph of the price of bitcoin in a quarterly view.

Referring to the chart above, he said:

The three candlesticks from the previous bitcoin quarter closed below the intermediate resistance level each time; But Kendall managed to form a higher uptrend in the last quarter compared to the orange uptrend on the chart. Purchasing power is also very high at the level of support indicated by the blue line.

Capital Company added in another post:

But more interestingly, bitcoin is re-testing the medium-term resistance of the quarterly chart as support on a weekly basis.

Bitcoin price chart in weekly view
Bitcoin price chart in weekly view.

He also noted an increase in future volatility in the weekly chart by examining Bollinger’s smaller bands.

Bollinger Bands Index in the weekly bitcoin chart
Bollinger Bands indicator on the weekly Bitcoin chart.

Bitcoin publishing comes back from key support; Is the jump of 66% repeated? appeared first for currency.

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