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Bitcoin Showing Strong Resilience
According to technical charts, Bitcoin continues to trade well above its 200-day moving average (DMA). Historically, it has reached its lowest point near 200 DMA or slightly below, which is 25 percent lower than its current price.“Historically, BTC tends to bottom at, around, or just under the 200-week moving average… $BTC would need to lose a further 25 percent to reach the 200 MA.”
BTC total market cap at $597 billion on the daily chart | Source:January ended in the red, near its historical red average, with a loss of almost 16 percent. The market for Bitcoin experienced three consecutive red months until the month of February provided a bit of a breather.
Reaching A Tipping Point In May
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Bloomberg statistics, citing figures from CoinMetrics, indicates that Bitcoin miners sent roughly 200,000 BTC to exchanges in the last month of May. Meanwhile, before concluding that this is the beginning of the next bull market, investors need to exercise some vigilance and caution as the market could be exhibiting signs of another bear market rally at this point. Bitcoin seems to have reached a tipping point towards the end of May. After nearly 10 weeks, the bulls closed a green candle for the first time. Since then, this ascending trend line has supported Bitcoin.Featured image from CryptoPotato, chart from