After a long period of suffocating sideways, Bitcoin is showing a desperate rally, which experienced traders look at with great disbelief.
According to the Cryptocurrency Screener Cryptovizorwhich determines the market price of BTC/USD based on the results of trading on the largest spot exchanges, today the asset reached a new 5-month high at $23,375.
As shown in the chart, Bitcoin is approaching important resistance at the 200-week moving average (200WMA). On the other hand, the 50-week moving average is about to cross the 200WMA from top to bottom – this is the so-called “death cross” – a signal that portends a significant price decline. However, the death cross is not always bearish and may indicate a simple suspension of the global trend.
The price of bitcoin is rising, but trading mastodons perceive the growth with great skepticism. “The more pumps, the steeper the fall of BTC will be,” — writes Toni Ghinea on twitter. It’s just a “dead cat bounce” echoes him analyst Crypto Tony.
However, not everyone is so sad. Eight trading firm founder and CEO Michael van de Poppe reports:
On Friday evening, as a result of the rally, Bitcoin broke through the 200-day exponential moving average (200EMA). Wonderful. A quick continuation should not be expected, but breaking the weekly resistance will provide a rise to $30,000 and above. Support: $22,000.
Analyst James Straten noticed on the fact that gold and bitcoin repeated each other’s movements for a whole year, but now the precious metal has flown up, anticipating the easing of the Fed’s policy. He wrote:
I bet that BTC will soon level this discrepancy. We have already fully survived the collapse of FTX, the story with DCG is close to completion.
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