Bitcoin Price Technical Analysis Shows Promising Growth Using Key 200-Day Moving Average Metrics
All signs seem to point to another Bitcoin (BTC) surge as yet another technical indicator shows a potential bullish run is eminent in the BTC market.
200-Day Moving Average
After a minor correction in the past few days, the BTC price has again passed the $8,000 mark. This rebound was very significant to the top coin because the 200-day MA (Moving Average), one of few long term indicators of the crypto market sentiments that are very accurate turned bullish for the first time in over a year.
Although this is a very good sign for Bitcoin bulls, we should not rule out the chances of the price of Bitcoin having another retrace soon. This bullish move of the 200-day MA was due to the 2019 BTC price rally (over 110% increase), so, if BTC price drops again, the 200-day MA might become bearish.
BTC Prime For A Surge
At the moment, Bitcoin (BTC) is set to potentially surpass the $8,500 mark, which will be its highest value since June 2018. However, on multiple occasions in the past few weeks, BTC has not been able to surpass major resistance levels.
On the other hand, the drop in transaction volumes could be advantageous to the BTC bears. The value of Bitcoin could drop to as low as $6,000 in the potential occurrence of a double-top outcome.