Why this key Bitcoin price trendline at $100K is back in focus
1 min read
Key takeaways:
-
Bitcoin ETFs recorded $240 million in inflows on Thursday, ending a six-day outflow streak.
-
Bitcoin’s failure to drop below the 50-day EMA suggests strong support in this area.
Bitcoin (
“So far Bitcoin is still holding the 50-week EMA,” pseudonymous technical analyst Chad said, adding that it is important for the BTC/USD pair to close the week above this level.
Fellow analyst Rekt Capital said that Bitcoin appears to be bottoming out around the 50-day EMA and must make a “cluster of lower lows” at this level to establish a bottom.
As Cointelegraph reported, the MVRV ratio suggested $98,000 may have indeed marked the local bottom for BTC, suggesting that the price can recover due to seller exhaustion.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
