Analyst Reveals the Level to Be Crossed for Bitcoin Price to Change Trend to Upward
Cryptocurrency analyst Ali Martinez discussed a metric that he claims gives a clue as to which direction Bitcoin will head in his statement.
According to the analyst, the 200-day simple moving average (SMA) data is quite effective in determining the trend direction of BTC. Martinez stated that if the BTC price is above this metric, there is an expansion in price, while if it is below, it usually indicates a bear market.
The analyst said that the BTC price is currently below the $63,600 level, having been around $63,600 for two months, which remains a concern in terms of downward momentum in the price.
At the time of writing, Bitcoin is trading at $61,901, down 0.61% in the last 24 hours and has lost around 5% in value in the last week.
Additionally, speaking about Ethereum, the analyst reported that the number of ETH whales holding over 10,000 ETH has decreased by 7% since July.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Significant Bitcoin, Ethereum and Litecoin Move by US Giant Company
A major US company has announced that it will now accept various cryptocurrencies, including Bitcoin, from its customers.
Analysis Company Makes Prediction for Bitcoin After the US Election: “Even If Donald Trump Wins…”
Cryptocurrency analysis company QCP Capital made a new future prediction for the Bitcoin price in its statement.
What Will Happen to Sued Altcoins If SEC Chairman Changes After US Elections?
If Donald Trump becomes the US President and the SEC Chairman changes, what will be the future of the altcoins that have been sued?
AAVE breaks above $140