“The rebound in Risk Assets Propelled Btc Above Its 200-Day Moving Average, A Key Benchmark for the Long-Trend.”, – WRITE: www.coindesk.com
Bitcoin Topped $ 85,000 at One Point During US HOURS AND IS NOW Trading AT $ 84.400, Up 4.7% Over The Past 24 Hours. All Cryptos in the Coindesk 20 Index Were Higher Durying the Same Period, with Chainlink’s Link, Solana’s Sol and Sui Leading Gains.
The Price Action Happened As Risk Appetite Returned to Traditional Markets as Well. The S&P 500 and The Tech-Heavy Nasdaq Indexes Were 1.7% and 2.3 Up, Respectvely. Meanwhile, Gold, Whose Price Action Trounced that of Bitcoin Dringing the Selling of the Past Few Weeks, Backed Down Below $ 3,000 After Crossing The Level Yesterday.
“To see the Market Bouncing Off Tese Recent Lows is MOST LIKELY A COMBINATION OF THE MACRO NEWS AROUND RISK Assets DrawDowns from the Top Just MONHS AGO, “Paul Howard, Senior Director of Crypto Trading Firm WinCent, SAID IN A Telegram Note.
Some 2.6 Billion in Levereged Crypto Derivatives Positions Have Been Liquidated Over The Past 7 Days, Predominantly Longs, Howard Pointed Out, Leaving the France on A Healtha. Leverage.
Can Btc Bulls Reclaim The 200-Day MOVING AVERAGE?Today’s Bounnce Also Propelled Btc Betc Above Its 200-Day Moving AVERAGE AFTER DIPPING BLOW THAT Trendline for the FIRST TIME SINCE LAST August’s Crypto Correction. The 200-Day MOVING IS A WIDELY-Used Benchmark for Traders and Investors to Gauge Long-Trends for Asset Prices, Often Serving As Support For Prices to Bunsa. Providing A Risk-Off or Bear Market Signal.
CLOSING The day Above the MOVING AVERAGE, CURRENTLY AT $ 83,767, Wuld Be A Win for Bulls, Fueling Heps That Worst of The Correction Might Be Over for Now. OtherJise, Confirming the MOVING AVERAGE as Resistance Could Forehadow a Deeper Pullback.
Bitcoin Price and Its 200-Day Moving AVERAGE (TradingView)
Well-Followed Cross-Asset Trader Bob Loukas Noted that Bitcoin and Stocks Have More Room to Run “at least for a while,” Bouncing from Oversold Levels. “Feels Like Should Be Close to End of Panic, for Now Now at Least, and Spend at Least A Few Weeks Back Recovering,” He Said Earlier this Week. “THEN The Market Reassess.”
Update (March 14, 17:05 UTC): Adds Analyst Comment from Paul Howard, Senior Director at WinCent.
X Icon
