Last week, the US equities markets recovered from their week-lows, signaling a demand at lower levels. Bitcoin, almost in lockstep, recovered from $18,910 and now finds itself at $22,250 at the time of writing.
Opinions on this rally stay divided: some believe it's just a bull trap, while some believe we could see BTC test the 200-week MA at $22,600 and possibly break it. The current week has started with a 6.5% green candle that has broken through the 20-day EMA, a stubborn level of resistance.
The 20-day EMA has flattened out while the RSI is middling out; this could turn out to be a sign of strength in the short term. If the 200-week MA is breached, BTC could test the 50DMA at $23,300.
According to blockchain analytics firm Glassnode, ''Over 80% of the total USD denominated wealth invested in Bitcoin has been HODLed for at least 3 months.'' This bears a striking resemblance to previous Bitcoin market bottoms we could see some upside soon.
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