Bitcoin (BTCThe weekend started with uncertainty between traders, so we tested another $ 38,000 overnight.
The 3-day chart can be a weekly “precursor”
The pair was watching again Short-term surge over $ 40,000 Friday still lasted a few minutes until the previous situation returned, thanks to geopolitical developments.
Such a “fake out” to a higher level, which ended with Bitcoin’s complete round and clearing both short and long positions, was already a familiar behavior for market participants this month. ..
But now, lower timeframes are beginning to show signs that a more significant downtrend may be imminent.
“Three-day BTC candles flirting at 200MA for the first time since Covid’s crash.” Analytical Resources MaterialIndicators caveat Twitter followers of the day.
“If this is a precursor to what a weekly candle does, make sure you have enough powder to take advantage of your next purchase opportunity. That bounce can change your life.”
The 200-week moving average is now just above $ 20,000 and is still rising, but it has served as a historic bottom zone throughout Bitcoin’s lifetime and has never been violated.
To meet that, we need to reduce the current spot price by 50% and the record high by 70%. This is what BTC / USD has achieved in the past.
The Covid crashFor example, a 60% drop was seen within a few days before a similarly strong reversal launched a new price paradigm later in the year.
Bitcoin continued to be at the mercy of the stock market during the week, but they tend to keep weekly losses on the S & P 500 and Nasdaq to 2.9% and 3.5%, respectively.
Previously, the popular trader Pentosi was Wall Street Crash Style Event This year we have the potential to seize the market.
Big and small BTC bets continue to flow
On the plus side, whale buy-ins and small investor wallet growth provided a reason for long-term Hodler to be well.
As a coin telegraph report30,000 BTC left Coinbase on Friday, but exchange reserves mimicked the decline seen in July and September last year — just before Bitcoin made a significant price increase.
— Whalemap (@whale_map) March 11, 2022
“The 10-100 BTC wallets are piled up like crazy and their supply is parabolic,” said Lex Moskovski, CEO of Moskovski Capital. Added About the wallet, citing data from the on-chain analytics company Glassnode.
“These guys correctly sold the meat of the Bitcoin move between $ 10,000 and $ 50,000.”
The attached graph shows that the percentage of BTC supply currently held by an entity (one or more wallets that are supposed to have the same owner) is the highest in a year.