{"id":30531,"date":"2022-06-22T01:09:28","date_gmt":"2022-06-22T05:09:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30531"},"modified":"2022-06-22T01:09:35","modified_gmt":"2022-06-22T05:09:35","slug":"bitcoin-faces-resistance-at-200-week-moving-average","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-faces-resistance-at-200-week-moving-average\/","title":{"rendered":"Bitcoin Faces Resistance At 200-Week Moving Average"},"content":{"rendered":"\n
Crypto experts opine that Bitcoin (BTC<\/a>) would have to topple the $22,500 for a chance in the reclamation of the 200-week moving average as support.<\/h5>\n\n\n\n
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Following a dramatic drop last weekend, the Bitcoin (BTC<\/a>) price has surged beyond $20,000. BTC encountered resistance on Tuesday as it sought to break through $21,500 and has subsequently retraced.<\/p>\n\n\n\n

Bitcoin is currently trading at $20,474 with a market worth of $390 billion as of press time. To maintain its upward momentum, Bitcoin must recapture its 200-week moving average of $22,500 and convert it into support.<\/p>\n\n\n\n

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Rekt Capital, a cryptocurrency market analyst, adds\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>: “If BTC cannot retake the 200-week MA as support\u2026 Then one of the possible outcomes would be a drop to new lows before the creation of an Accumulation Range for the first time below the 200-week MA.”<\/p>\n\n\n\n

Bitcoin miner desperation is at an all-time high. Bitcoin miners sold roughly 9000 BTC last week to fund their operating costs. The miner to exchange flow increased dramatically. “Miners capitulating is a sign that you want to see in bear markets,” says<\/use><\/svg><\/span><\/a> popular Twitter handle @OnChainCollege. It could take months and more deterioration to reach that bottom.”<\/p>\n\n\n\n

Bitcoin Supply At Exchanges<\/h2>\n\n\n\n

On the plus side, according to on-chain data company Santiment, Bitcoin supply at exchanges is at a 3.5-year low. The data provider continues:<\/p>\n\n\n\n

“The ratio of\u00a0#Bitcoin\u2018s supply continues to stay low at levels last seen in November 2018. This is a good signal of limited future selloff risk. In the meantime,\u00a0supply continues skyrocketing on to exchanges, indicating greater buying power\u201d.<\/p><\/blockquote><\/figure>\n\n\n\n

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The fact that BTC is currently trading at a 70% discount to its all-time high is a favorable sign for long-term investors to stock up. Rather than waiting for the exact bottom, long-term investors should begin Dollar Cost Averaging today to earn healthy profits four years from now. It will be interesting to see how long Bitcoin can maintain its $20,000 support levels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto experts opine that Bitcoin (BTC) would have to topple the $22,500 for a chance in the reclamation of the 200-week moving average as support. Following a dramatic drop last weekend, the Bitcoin (BTC) price has surged beyond $20,000. BTC encountered resistance on Tuesday as it sought to break through $21,500 and has subsequently retraced. […]<\/p>\n","protected":false},"author":33,"featured_media":30533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-30531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/bitcoin-2.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30531"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30533"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}