Will the Fed add to the bears' party? Sub-30K is a level for some analysts.
) bulls to rally above $39,000 was easily defended by bears, resulting in a pullback to the $38,200 level.Here’s a look at what several analysts are saying about the current price action and what lower levels to keep an eye on in the case of further decline.According to independent market analyst Rekt Capital,
for a close above the 200-day exponential moving average is an easy way to assess the current weakness of Bitcoin. The analyst described the metric as an “indicator of long term investor sentiment towards Bitcoin.”“Since mid-2021, BTC hasn't been able to hold above the black 200-day EMA for too long. Every time BTC would break above the EMA, it would swiftly lose it as support and retrace lower.
Despite the current downtrend, data from glassnode suggests that BTC accumulation continues to increase, a fact highlighted by Twitter account Negentropic.“Panicking short-term holders realized losses while the long-term holder net position change increased.” The overall cryptocurrency market cap now stands at $1.72 trillion and Bitcoin’s dominance rate is 42.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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