A few hours ago during early trading in Asia, Bitcoin prices tapped $47,200 according to Tradingview. It is the highest the asset has changed hands for since May 15.
The move has built upon the momentum that began in late July when BTC broke out of its range-bound channel to the upside. At the time of press, Bitcoin had retreated slightly to trade at $46,200, now less than 30% away from its mid-April all-time high of $64,800.
This week’s action has pushed prices above the 200-day moving average which is a bullish sign in the longer-term monthly picture. The next level of resistance lies just below $50K.
In its Monday review, on-chain analytics provider, Glassnode, commented.
“As a well observed technical indicator for bull/bear bias, the markets response to a rejection or breach of the 200-day MA is likely to be a source of attention over the coming weeks.”
Bitcoin Supply Squeeze
Glassnode continued to mention that there has been the potential for a Bitcoin supply squeeze. It obs
Źródło: https://cryptopotato.com/analysts-eye-bitcoin-supply-squeeze-as-price-taps-47k/
