Is Bitcoin price on the downtrend again?
Bitcoin price has dropped below the $ 9,000 level 8 times in total over the past 2 months. Despite this, BTC, which has always managed to rise with stronger buying pressure, may experience a recent decline again, according to a leading cryptocurrency analyst.
What will determine the trend of Bitcoin Price?
The cryptocurrency analyst, known as CryptoKea, stressed that Bitcoin’s bullish trend will continue if it continues to stay above the 200-day decentralized average (DMA), otherwise the decline will begin.
#BTC is holding steady above 1.1x the 200 DMA, which is the support line of the bullish channel (yellow). If price is ready for a sustained, bullish uptrend and history were to repeat, price could remain in this channel for >1 yr, current range: $8.8k-$13.6k. Is BTC ready though? pic.twitter.com/latfoFl0j9
— CryptoKea (@CryptoKea) May 5, 2020
The DMA indicator is often used to detect trend changes, and the analyst emphasizes that the $ 8,779 and $ 13,569 levels are very important. If Bitcoin drops below the $ 8,700 level in the coming days and stays here for a few days, a long-running downtrend may begin, according to the analyst.
However, it seems quite probable to test the $ 13,569 level with BTC continuing at the current level.