June 10, 2023

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Bitcoin in gevecht met 200-dagen EMA: uitbraak of pullback?

Hack or undo? » Crypto Insiders

Bitcoin (BTC) He was able to rally again well this week and even over the weekend, that rally lasted quite a bit. In the meantime, fear and uncertainty are rapidly easing and the market is fervently hoping that Bitcoin will rise further in the near future.

Bitcoin price this week 5.7% in the positive

The Bitcoin price Its current high started nearly two weeks ago. At the time, bitcoin was still between $38,000 and $39,000 as the price held for a long time. The price of Bitcoin reached $41,000 a week ago and reached $44,000 last Thursday after a series of… bottoms up

On Friday, Bitcoin briefly peaked at $45,000 on multiple exchanges, its highest price in weeks. However, it turned out to be a file From fake Togo. Despite this, Bitcoin later managed to hold above $44,200 and continue to climb cautiously.

Bitcoin briefly peaked at $44,800 last night and settled above $44,500 over the past few hours. At the time of writing, Bitcoin is at $44,550 KuCoin and 40.550 euros and above Petavavo† This means that BTC is 0.3% in plus compared to 24 hours ago and 5.7% in plus compared to last week.

Will Bitcoin Retreat First?

It was already expected that the price increase around this price would slow somewhat. There is a lot of resistance here and this is the area where Bitcoin was rejected at the beginning of this month and mid-February. However, the market is looking a lot healthier this time around and there is a good chance that Bitcoin will close this week in a nice green colour. candle

Analytics firm Glassnode reports that the current rally is primarily driven by the spot market. That may indicate greater organic demand than earlier gains, which were primarily driven by the derivatives market.

We also see this spot demand with the massive influx into the Canadian Bitcoin spot Exchange Traded Fund (ETF), or Publicly Traded Funds with a Purpose, On-Chain College reports:

Meanwhile, Terra (LUNA) continues to buy BTC on a large scale against its UST stablecoin. The cryptocurrency project has already invested $1.1 billion out of a planned $10 billion in BTC this week. Click here to read more about it.

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However, many analysts expect Bitcoin to take a small amount swipe back before resuming the march. The average is currently struggling 200 days Exponential Moving Average It was about $44,860. In addition to breaking the 200-day EMA, the price may need to break the $46,000-$47,000 area to confirm a true trend reversal from this range. So many analysts are still somewhat hesitant and expect a pullback before that happens. Hopefully Bitcoin will hold above $42,000 so as not to lose too much momentum.

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