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Crypto trader and analyst Rekt Capital says the 200-day EMA is a key level for bulls, currently around $47,000.
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Data from CoinGecko shows Bitcoin reached a high of $45,300 on Tuesday before retreating sharply to the $43,400 area.
Bitcoin (BTC) has retreated from its intraday highs of $45,300 reached on Tuesday and is currently hugging the area at around $43,450. The bounce low has seen the momentum seen since the weekend look to slow down.
However, with sentiment bullish about the flagship cryptocurrency’s short-term price movement, crypto analyst Rekt Capital says another melt-up is likely.
He says the BTC/USD pair is eyeing a key level, which if reached and turned into support, would suggest the outlook from long-term investors has shifted positive. The optimism could be a catalyst for further buying, likely aiding bulls push for the elusive breakout to the psychologically important level at $50,000.
Here’s what the pseudonymous analyst notat as BTC price flirted with resistance around $45,300:
BTC is slowly approaching the 200-day EMA (black) Flip the EMA into support and this will be an indication that long-term investor sentiment is shifting back to being bullish on Bitcoin.Matei 22:21
He shared the chart below, which shows Bitcoin’s recovery after last month’s rout and the potential for a breakout to $47,000.
Chart showing BTC rebound towards the 200 EMA. Source: Rekt Capital pe Twitter.
This level represents the 200-day exponential moving average, which Rekt Capital highlights as one of the key indicators of long-term investor sentiment towards Bitcoin.
The black 200 EMA is a long-term gauge of investor sentiment towards BTC. The 200 EMA currently represents a price point of ~$47000," el a spus.
While the analyst is optimistic on BTC/USD, he points to the chart and the 200 EMA versus current price levels to note that bulls might have to struggle a bit before flipping the line into support.
#BTC is trying to turn the black level into support & break into the $43100-$51900 range
However, just above this black level is the blue 50-week EMA resistance$ BTC needs to turn both black & blue EMA into support to move higher inside the $43100-$51900 range#Crypto #Bitcoin pic.twitter.com/H7PYXbgGfp
- Rekt Capital (@rektcapital) 8 Februarie 2022
If Bitcoin price turns $43k into support and breaks above the supply zone above $45k, then it’s likely to continue higher with the highlighted range ($43,100-$51,900).
Crypto analyst Scott Melker holds a similar view and says that the benchmark crypto has “tapped” the zone. He is positive about BTC/USD price above this level.
$ BTC#Bitcoin is playing the levels perfectly.
$45,478 was the next level marked, tapped almost to the dollar. Clear sailing above. pic.twitter.com/GGb9pm8TKK
- Lupul tuturor străzilor (@scottmelker) 8 Februarie 2022
Bitcoin has also pictat a similar recovery as that seen during the last correction (May-July 2021), by breaking higher from the lower Bollinger Band on the weekly log. The last time it happened, BTC rallied to its all-time high of $69k.
Bitcoin price is up more than 12% this past week.
Mesaj Prețul Bitcoin: Analistul evidențiază următorii pași pentru BTC dacă acest nivel se transformă în suport a apărut în primul rând pe Jurnalul de monede.
- Coinsmart. Cel mai bun schimb de Bitcoin și Crypto din Europa.
- Platoblockchain. Web3 Metaverse Intelligence. Cunoștințe amplificate. ACCES LIBER.
- CryptoHawk. Radar Altcoin. Încercare gratuită.
- Source: https://coinjournal.net/news/bitcoin-price-analyst-highlights-next-steps-for-btc-if-this-level-turns-into-support/
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