Bitcoin hasn’t worked too well in the past 24 hours. After holding $ 6,700 for days, the cryptocurrency suddenly collapsed on Friday night, falling as low as $ 6,050 the next morning, marking a 10% drop from daily highs.
The cryptocurrency has not yet recovered, remaining below $ 6,200 at the time of writing. Despite this, the BTC chart has printed a bullish silver lining, which could support it in its progression.
Bitcoin holds crucial moving average, good for bulls
If you’ve been on Crypto Twitter for the past few weeks, you’ve probably noticed the importance that investors place on the 200-week moving average, a technical level that almost exactly bottomed out Bitcoin in December 2018 and also coincided with the lows of 2015.
It should come as no surprise that when the BTC fell below the level (around $ 5,800) after the flash crash observed on March 12 and 13, investors were frightened, claiming that a further decline was imminent. Chris Burniske of Placeholder Capital, for example, wrote:
“As someone recently reminded me, in an interview with CNBC in 2018, I said that the real capitulation would start if we broke the 200 weeks of MA. We didn’t break the 200 week MM in 2018/2019 – this provided the perfect bounce for Bitcoin. But now that we broke and closed last week below $ 5,500, what was once support is becoming resistance. “
Surprisingly, however, in the past two weeks, Bitcoin has decisively recovered this level, and seems ready to close the weekly candle above this crucial support.
– Big Chonis Trading (@BigChonis) March 28, 2020
It’s not the only silver lining that should appeal to Bitcoin bulls.
Charlie Morris, the founder of the cryptocurrency analysis site ByteTree, shared that on March 25, Bitcoin miners recovered 2,788 coins against 1,588 mined, which resulted in $ 7.2 million in BTC sold that would have occurred on a normal day.
Despite this additional selling pressure, the price of the cryptocurrency did not drop, the market took it instead and recovered. According to Morris’ analysis, this is a bullish sign.
Concrete example: this graph of the analysis shows that each time miners sell more than they exploit (blue line), Bitcoin has surpassed the returns it displays under normal market conditions.
Related reading: Crypto Tidbits: Bitcoin holds $ 6,000, the federal reserve to make QE Infinity, the proposed US digital dollar
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