Bitcoin (BTC) replicates the bullish trend that brought it to $ 20,000, and chart data reported in a new report shows that $ 10,000 was an “entry point” for investors.
In a tweet on Aug. 13, a Cointelegraph film film analyst highlighted the obvious similarities between Bitcoin’s past few weeks and an all-time high in 2017.
The 20-week moving average price in BTC is making headlines
According to Filbfilb, the key metric is the interaction between the BTC / USD spot rate and the 20-week moving average.
Currently, the relationship between the two has been copying that since late 2016, laying the foundation for a bull run that grossed over 3000% over the course of the year.
Filbfilb added in the comments that 2020 gave signals with a difference in the upswings that have occurred since then, particularly over the three-month period last year which stood at $ 13,800.
Short-term Cointelegraph analyst Michael Van de Pope’s focus was that failure to hold $ 11,200 would result in a correction of about $ 10,000.
“$ 11,200 is the support area. If we lose that, we will see more range and look for USD 10500-10700 first. “”
Filbfilb previously advised Telegram commercial subscribers that reaching $ 11,600 would result in a return of $ 12,000, but that level is “unlikely” to clear.
OKEx: $ 10,000 “reasonable entry point”
After miniaturization, other sources were also optimistic. In a report released today, OKEx, OKEx Insights, and Catallact Blockchain Analytics announced that their technical research has shown the final bitcoin support of $ 10,000.
“Given these findings, it appears that by the March 2020 crash, weak hands left the market so they can gradually recover and get $ 10,000 back – which brings most open positions into the green today,” the researchers concluded.
In addition, the position build-up that resulted in current levels (between $ 10,000 and $ 12,000), as well as the current moderation in profit taking, shows that these prices were viewed by participants as reasonable entry points. This also shows that those who benefit from it want to hold their currencies for greater future gains.
OKEx added that the potential for BTC / USD to return below $ 10,000 may now be over.
As Cointelegraph reported, there is already consensus on institutions that are drilling at the current price level, aided by purchases from Grayscale and MicroStrategy, which have largely overtaken the newly mined BTC.