cryptocurrency

BTC: Can we see another crash before longer-time bulls?

Author: Ahura Chalki

Friday, 08 July 2022 Number of words: 211 Study time: 2 Minutes Views: 770

BTC price analysis
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In the BTC chart, traditionally 200-weekly moving average is significant, especially for long runs. As we could see in the past few days, Bitcoin also had some corrections in line with other markets, especially with Stock Markets. 

Despite the recent correction, Bitcoin is still trading under 200 Weekly MA.

On the fundamental front, we still do not have any specific news to support the bull run of cryptocurrencies.

The recent correction seems mostly similar behavior of stock markets, and we can not say it is an independent bull run in the cryptocurrency market. At the same time, the latest news was about Mt Gox exchange plans to release 150,000 BTC to its customers. 

This correction from recent lows even can go higher towards 25-27,000 US dollars; but the market needs much more reason to change the sentiment. For now, any downside can sharply increase the fears. Any return under 19,000 can catalyze a black swan event in a possible price decrease, lowering the price to 16,000 and then 14,000 US dollars. 

On the other hand, 200-Weekly MA at 27,000 US dollars can be a game-changer pivot. Since the market has resisted further price reduction below 20,000 dollars, a return above 27,000 US dollars can create invincibility among the fans, and we can also see higher prices.

BTC price analysis

 

Source: IFC Markets
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