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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, cryptocurrency

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Created by industry experts and meticulously reviewed
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A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action.

The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week period, looks to assume the role of a strong pullback level. The year’s first week marked the first time price closed above the technical indicator since late-April, as shown in the chart below.

bitcoin, cryptocurrency
Bitcoin looks to continue price rally above blacked support wave | Source: TradingView.com, Coinbase

A crossover above the 50-SMA earlier in April pushed the bitcoin price up by 173 percent to $13,868.44 on Coinbase exchange. Meanwhile, the resistance-to-support flip of the blacked support wave accompanied the growth in weekly trade volume, confirming the cryptocurrency’s breakout action.

The latest upside push in the bitcoin price served a reminiscent of the same upside move. The volumes further went up to confirm a breakout sentiment, confirming that traders were looking to behold the 200-SMA wave as their medium-term support.

Strong Fundamentals in Both Cases

The S/R flips noted across the 2019’s and current price actions borrowed sentiments from global conflicts.

Last year, bitcoin swelled against the escalation in the trade war between the US and China, furthered by the weakening of the Chinese Yuan and the launch of Facebook’s crypto-inspired payment project Libra.

There is a lecture about crypto (mostly bitcoin and Libra, Facebook and Twitter) and how money is becoming digitalized on KBS, the national broadcaster of Korea, at prime time.

Regardless of price, awareness has increased a lot and in the new decade, adoption should follow. pic.twitter.com/5V10o1gDih

— Joseph Young (@iamjosephyoung) January 16, 2020

This year, on the other hand, bitcoin surged as the US raised conflicts in the Middle East after killing a top Iranian military commander on January 3. Furthermore, fears of a weak corporate earnings report coupled with the Federal Reserve’s balance sheet expansion kept investors’ appetite for risk-off assets alive.

The events, more or less, benefited bitcoin, a pseudo-safe-haven asset.

The Bitcoin Bull Trap Theory

Experienced analysts might rubbish the role of 50-SMA in determining bitcoin’s medium-term bias based on the latest price actions. Throughout December, the cryptocurrency briefly closed above the wave resistance only to pullback sharply at later stages.

So it appears, bitcoin may have stretched itself a little too far above the 50-SMA in the latest case. The cryptocurrency is already showing signs of buyers’ exhaustion, leading to a minor downside correction. It is now down by 5 percent from its local top of $9,194.

The bitcoin daily chart explains the interim downside sentiment better. In it, the price is struggling to close above its ‘blued’ 200-daily moving average, another bias-defining indicator for the near-term trades.

bitcoin, cryptocurrency
Daily 200-daily MA capping bitcoin’s upside attempts | Source: TradingView.com, Coinbase

The price could invalidate the bull trap should it closes above the 200-daily MA with huge growth in trade volume. More so, the weekly timeframe indicates that bitcoin could retest its all-time high of circa $20,000 on the next upside run.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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