{"id":43753,"date":"2023-02-10T16:23:42","date_gmt":"2023-02-10T16:23:42","guid":{"rendered":"https:\/\/egrowonline.com\/?p=43753"},"modified":"2023-02-10T16:23:42","modified_gmt":"2023-02-10T16:23:42","slug":"bitcoin-price-faces-key-moving-average-showdown-3-weeks-after-breakout","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=43753","title":{"rendered":"Bitcoin price faces key moving average showdown 3 weeks after breakout"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) saw no relief at the Feb. 10 Wall Street open as United States equities dipped further.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

“All eyes” on 200-day moving averages<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it tracked sideways following a volatile 24 hours\u2019 trading.<\/p>\n

Existing market weakness was compounded<\/a> by an announcement from U.S. regulators concerning Ethereum (ETH<\/a>) staking, with major crypto exchange Kraken forced to suspend its staking operations and pay a $30 million fine.<\/p>\n

Bitcoin fell to three-week lows as a result, with traders eyeing potential retests of $20,000 and even $19,000 to come. <\/p>\n

On the day, stocks offered little by way of comfort to risk asset traders, with the S&P 500 opening down to cross a significant line in the sand left over from late last year.<\/p>\n

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S&P 500 $SPX<\/a> gaps below 4,080 (high daily close Dec.’22): pic.twitter.com\/C2CpD7YpmP<\/a><\/p>\n

\u2014 Caleb Franzen (@CalebFranzen) February 10, 2023<\/a><\/p><\/blockquote>\n

U.S. dollar strength also bided its time, with a hopeful take from Investment research resource Game of Trades eyeing resistance which it may fail to overcome.<\/p>\n

\u201cUSD has been rejected from its macro uptrend line that’s now turned to resistance. Confirmation is key though,\u201d it summarized<\/a> on Twitter.<\/p>\n

U.S. dollar index (DXY) annotated chart. Source: Game of Trades\/ Twitter<\/em><\/figcaption><\/figure>\n

Scott Melker, known as \u201cThe Wolf Of All Streets,\u201d meanwhile saw cause for optimism on 4-hour timeframes when it came to Bitcoin. A comeback could still materialize if it were accompanied by a rebound in relative strength index (RSI) values.<\/p>\n

“This looks ripe for a bounce. RSI oversold with potential bullish divergence,” he told<\/a> Twitter followers in a fresh update. <\/p>\n

“Need to wait until the next candle close and see if we get an ‘elbow up’ on RSI. Testing 200 MA for first time since Jan 6th. $21,646 is also key support, exactly where price bounced.“<\/p><\/blockquote>\n

An accompanying chart showed spot price proximity to the 200-day moving average (MA) mentioned. This remains a key trend line which Bitcoin only recently reclaimed after trading below it since late 2021.<\/p>\n

BTC\/USD annotated chart. Source: Scott Melker\/ Twitter<\/em><\/figcaption><\/figure>\n

“All eyes on Bitcoin’s 200-day moving average cloud,” Caleb Franzen,\u00a0senior market analyst at Cubic Analytics, continued<\/a> on the topic.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp) with 200MA. Source: TradingView<\/em><\/figcaption><\/figure>\n

Analyst predicts 2021-style energy price surge<\/h2>\n

Casting a longer-term view, Alasdair Macleod, head of research at precious metal investment company Goldmoney, had a further shock in store.<\/p>\n

Related:\u00a0Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys BTC<\/a><\/em><\/strong><\/p>\n

In his latest research piece<\/a> released on the day, Macleod warned that macroeconomic conditions were apt to repeat behavior from a year earlier, at the start of the Russia-Ukraine conflict.<\/p>\n

This specifically would involve a rerun of the commodity and energy price increases still being felt by consumers \u2014 but also a bull run for gold.<\/p>\n

\u201cAt this time last year, gold began a rapid rise to $2070 and oil traded up from $85 to $120 when Russia attacked,\u201d he wrote. <\/p>\n

\u201cIt is amazing that markets are ignoring the very clear signals that the conditions which led to commodity and energy prices soaring last February are in place to happen again.\u201d<\/p><\/blockquote>\n

XAU\/USD vs. BTC\/USD chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) saw no relief at the Feb. 10 Wall Street open as United States equities dipped further. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView “All eyes” on 200-day moving averages Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it tracked sideways following a volatile 24 hours\u2019 trading. Existing market weakness was compounded […]<\/p>\n","protected":false},"author":1,"featured_media":43754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[2092,50,528,106,103,2091,195,8165,136],"class_list":["post-43753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-average","tag-bitcoin","tag-breakout","tag-faces","tag-key","tag-moving","tag-price","tag-showdown","tag-weeks"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/02\/4bd62744-97b4-4ebd-8f7f-0457435252b0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/43753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43753"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/43753\/revisions"}],"predecessor-version":[{"id":43755,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/43753\/revisions\/43755"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/43754"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43753"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}