Market shift in favor of Bitcoin as key technical indicators suggest a bullish phase

Market shift in favor of Bitcoin as key technical indicators suggest a bullish phase
фото показано с : cryptoslate.com

2023-11-15 16:25

Quick Take

Bitcoin has recently reasserted its position above the $36,000 benchmark, triggering a wave of short liquidations. In the past four hours alone, Bitcoin shorts worth $13 million have been liquidated, contributing to the total crypto market liquidations of $30 million. This development indicates the shifting market dynamics as traders adapt to the evolving landscape.

Liquidations: (Source: Coinglass)

However, a significant milestone drawing attention is the 200-day Simple Moving Average (SMA) of $28,749, surpassing the 200-week Moving Average (WMA) of $28,694 for the first time. As a well-regarded tool in Technical Analysis, the 200-day SMA is often linked with the transition between Bull and Bear markets. Meanwhile, the 200-week SMA captures the inherent momentum of Bitcoin’s typical 4-year cycle.

200DMA vs 200WMA: (Source: Glassnode)

Echoing the previous week’s trend, where the realized price outpaced the short-term holder’s realized price, this flip in the moving averages projects a bullish outlook for Bitcoin’s momentum in the near term.

The post Market shift in favor of Bitcoin as key technical indicators suggest a bullish phase appeared first on CryptoSlate.

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Bitcoin (BTC) на Currencies.ru

$ 70375.35 (+0.05%)
Объем 24H $20.765b
Изменеия 24h: 0.23 %, 7d: -0.47 %
Cегодня L: $70375.35 - H: $70466.85
Капитализация $1407.953b Rank 1
Цена в час новости $ 36510.04 (92.76%)

bitcoin market liquidations million past four hours

Источник: cryptoslate.com

bitcoin market → Результатов: 126


Фото:

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Bitcoin has experienced another turbulent week marked by sustained downward pressure, reinforcing the broader bearish sentiment that has dominated the market in recent months.  Despite late market relief on Friday, the leading cryptocurrency has struggled to reclaim key resistance levels and presently hovers around the $69,000 price region.

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