The move has pushed BTC prices back below a number of key technical indicators suggesting that more downsides could be ahead.
On Aug. 29, the former CEO of the world’s largest corporate Bitcoin holder MicroStrategy, Michael Saylor, observed that it had dropped below the 200-week moving average, which is a rare occurrence.
The long-term indicator has served as a solid support zone during market cycle bottoms which we still appear to be in.
Rarely does $BTC trade below its 200 Week Moving Average. pic.twitter.com/f2ItcB8YLb
— Michael Saylor (@saylor) August 28, 2023
Bitcoin Bears Getting Bolder
When BTC drops below this level, it is often seen as a golden buying opportunity for long-term investment. MicroStrategy has yet to buy at this level, as its last purchase was in late July when it acquired 467 BTC for $30,835 per coin.
Benjamin Cowen, CEO of the ITC newsletter, looked at the monthly MACD, which is a lagging indicator. It has flipped green, and the last time it did so w
We współpracy z: https://cryptopotato.com/bitcoin-bears-getting-bolder-as-technical-indicators-paint-grim-picture/
