Cryptocurrency

With the breakthrough of the key moving average again in July, Bitcoin stayed at $42,000

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Bitcoin (Bitcoin) Consolidated above $42,000 before the opening of Wall Street on January 7, because there are more similarities with last year’s lows.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC “very closely” imitated May’s behavior

Data from Cointelegraph Markets Pro and Transaction view Follow the tight Bitcoin market because BTC/USD avoids retesting the $40,000 support level again.

Earlier, analysts briefly fell below $41,000 warn There may be further surrender events, which may cause the currency pair to fall to $30,000 or even lower.

This number is true for market participants and has formed the bottom of the long-term surrender that lasted from May to July last year.

Then, just like now, Miner turmoil combined with macroeconomic factors Temporarily get rid of the momentum of the Bitcoin bull market.

“BTC is watching May 2021 very closely,” trader and analyst Rekt Capital noted in a series of tweets about current price movements.

He pointed out that as of Friday, BTC/USD is breaking through the 50-week exponential moving average (EMA)—just like the mid-July trend that formed the bottom of the capitulation phase. The 50-week EMA for that day is 45,000 USD.

Cointelegraph writer Michaël van de Poppe also pointed out the difference between the two stages.

This “rapid southward pullback” means that the long-term sideways consolidation and upward breakthrough starting in 2021 are not the general characteristics of the current market.

“The $46,000 level is still a very important level to watch. If this level is broken, I think the whole bear market is over or the whole correction is over, we are looking for upward potential,” he Say In his recent YouTube update.

Ethereum has traders planning to buy $2,200

Altcoins also ran into trouble that day. Someone previously warned that any previous strong movements could be a red flag-a bull trap.

related: According to the survey, “down”, “buy” and “Fed” are hot topics on social media

Ether (Ethereum) Is the altcoin with the largest market capitalization, down 4.5% at the time of writing, to nearly $3,000-a drop of $700 in a week.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView

Some of the top ten cryptocurrencies by market capitalization escaped the downtrend, Cardano (have) Rose 1.2% to $1.23 and Ripple (Ripple) flat.

Pentoshi who is still highly cautious Sure The purchase price of ETH is as low as $2,200, and it is expected to be reached “sometime this year”.