Bitcoin Drops to 200-WMA, Will Price Hold? 8 year old BTC awakening

Bitcoin Drops to 200-WMA, Will Price Hold? 8 year old BTC awakening

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In this article, you will get all the information regarding Bitcoin Drops to 200-WMA, Will Price Hold? 8 year old BTC awakening

Bitcoin (BTC) has been in a slight downward trend in recent days, although the price is still in an upward trend compared to mid-July.

At the time of writing, Bitcoin is dropping back to that important 200-week moving average and the big question is whether the price will find support here or fall deeper. Meanwhile, market fears are rising again:

Bitcoin price drops by 2%

The bitcoin price has been falling since its peak around $24,600 last weekend. Yesterday the $23,000 still held and bitcoin even made a small reboundbut was subsequently turned down for around $23,500.

This surge followed again last night, but this morning bitcoin failed to hold above $23,000. At the time of writing, the BTC price drops to $22,800 on Coinbase and $22,300 on Bitvavo. Bitcoin is currently 2% in the minus and the price is currently testing the 200-WMA.

The bitcoin battle with the 200-week moving average

As analyst Shayan points out below, it is bullish if the 200-WMA holds up. In its entire history, bitcoin has been below this price only 2% of the time and has never consolidated below it. However, if the price drops again, there is a good chance that bitcoin will fall deeper.

Should bitcoin successfully retest this price, the price could probably shoot up quickly. That could potentially be towards $27,000 – $28,000, as analyst Kelly Kellam points out below. That doesn’t necessarily mean the end of the bear market, but it may well be the apex of this bear market rally. Kellam also provides a handy overview of some important indicators:

Bitcoins wake up after 8 years

However, a CryptoQuant analyst sees 1,100 BTC move for the first time in eight years. These come from an old miner. They haven’t been sent to an exchange yet, so they aren’t adding to the selling pressure just yet. But will that follow?

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.

Bitcoin Drops to 200-WMA, Will Price Hold? 8 year old BTC awakening

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