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An analyst pointed out how the 50 -week moving average (MA) of Bitcoin was a type of magnet for the price of the original.
MA is currently 50 weeks at $ 7,500 for Bitcoin
In new mail In X, analyst Ali Martinez discussed about 50 weeks of bitcoin. “MA” is the technical analysis index that calculates the average value of any assets for a certain period of time, and as its name suggests, it moves in time, and its value occurs according to the changes in the price itself.
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MAS can be useful tools to study long -term trends in the first place, as it calms the price curve to remove any local deviations. MA can take any time window, but there are some common options like 200 days.
In the context of the current topic, the time range of concentration is 50 weeks. Here is the graph that the analyst shares, which shows the trend in this master’s degree in Bitcoin during the past decade or so:
As visible in the graph above, Bitcoin is approaching this line after the latest shrinkage in the market. The original has already shown several re -tests for this level over the years.
“The moving average for 50 weeks was a magnet for Bitcoin $ BTC during trend transformations,” Martinez explains. So far in the current cycle, the line has been a support for the cryptocurrency, which helps prevent the bull from running out of steam.
Nowadays, the MA is 50 weeks at $ 7,500. Looking at the current path of the original, the level re -testing is possible again. It remains only to see, though, whether the level will again provide support for Bitcoin, or if it will lead to the bear market.
In some other news, feelings between American investors recently decreased, as revealed by the founder and CEO of Cryptoquant Ki Young JU in X mail.
In the graph, “Coinbase Premium” index is displayed. This scale measures the difference between the price of Bitcoin included on Coinbase (US dollar pair) and that is on Binance (USDT).
American investors mainly use the previous platform, while the latter serves global traffic, and therefore the value of the indicator informs us mainly about how the behavior between the population composition is different.
During the gathering earlier, the Bitcoin Coinbase Premium index rose to a sharp positive level, indicating that the US -based whales are buying. Soon after, it has declined again to negativity, and since then it has retreated deeper into the region, which means that users on the stock exchange are making some extreme distribution.
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“The Bitcoin market is likely to remain slow to improve feelings in the United States.”
BTC price
At the time of writing this report, Bitcoin floats about $ 8,700, a decrease of more than 4 % over the past 24 hours.
Distinctive image from Dall -e, Cryptoquant.com, Chart from TradingView.com
