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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Indicators Suggest Biggest Bitcoin Buy Signal Since April 2020

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin Bull

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As the bull rally continues, some Bitcoin technical indicators may suggest the biggest BTC buy signal since April 2020 is here.

Bitcoin Closes Above 21 Week MA And 200 Day MA

As pointed out by a CryptoQuant post, the cryptocurrency has made a weekly close above the 21-week and 200-day moving averages (MAs).

The Bitcoin moving average is a method used to smooth out the price data by taking the average price over a specific period of time.

For the 21-week MA, data from the past 21 weeks is used, while for the 200-day MA, prices from the last 200 days are used.

This method “smooths out” the price curve in the sense that it eliminates the many small up-down fluctuations of the price that aren’t relevant to long-term analysis. This results in a easier to look at curve without any sudden spikes.

Related Reading | By The Numbers: What $10 In Bitcoin Each Day Would Net Investors

Now, here is a chart that shows how the current BTC price stands against these two indicators:

Bitcoin 21-week, 200-day MA

BTC price finishes above the 21-week and 200-day MAs | Source: CryptoQuant

As the above chart shows, Bitcoin’s price has closed above the two indicators, flashing a buy signal not seen since April 2020.

The current price trend might also suggest that the coin is following the “Wyckoff Accumulation” pattern. In short, the Wyckoff Accumulation curve forms when Bitcoin enters a period of consolidation in a trading range.

Right now, Bitcoin seems to be in Phase D of the pattern, which is the last one with price moving up and down within a range. If the pattern truly holds, BTC might soon test $50k after a bit more consolidation as it enters Phase E.

Another indicator, the spot exchange netflow, seems to be showing sharp negative spikes right now. The netflow metric curve shows the net amount of BTC entering or exiting exchanges.

Related Reading | Family That Went “All-In” On Bitcoin At $900 Stores Fortune On Four Continents

A positive value means more inflows, while a negative value implies more outflows. The below chart points out the relationship between these spikes and BTC price movement during the weekend.

Bitcoin Netflow

The negative spikes correlate with the an upwards price trend | Source: CryptoQuant

BTC Price

At the time of writing, Bitcoin’s price is around $47k, up 4% in the last 7 days. Over the past month, the value of the crypto has increased by almost 50%.

Here is a chart showcasing the trends in the price of the coin over the last three months:

Bitcoin Price Chart

BTC continues to rally up | Source: BTCUSD on TradingView

Bitcoin’s price seems to have slowed down a little as the coin bounces back and forth between the $47k and $45k range. However, if the indicators mentioned above are anything to go by, signs seem to be bullish for BTC.

Nonetheless, nothing is clear at the moment and the crypto could very well take a bearish turn instead.

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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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