Friday, October 7, 2022

Is Bitcoin (BTC) Readying For Another Poor Weekly Close?

Last week, Bitcoin ended a poor weekly run on an even poorer note. And after starting this week on a seemingly brighter note, it appears Bitcoin is still a long way from recovery. According to some analysts, the BTC price may yet plunge, even before the current week closes. 

Bitcoin price expected to go as low as $16K

Last week saw Bitcoin closing the week below the 200 weekly moving average (WMA). And that was the first time in over two years.  Interestingly, Bitcoin is still trading below $22,500 at the moment, and if it fails to get back to this level, the leading cryptocurrency is expected to dip as low as $16,000.

An analyst, who is also a trader and identified as Emmy on Twitter, believes Bitcoin could potentially dip to the $16,450 mark. She went further to claim that if there’s anything to indicate that buyer strength is improving, then Bitcoin must retrace to the $26,000 mark by end of June. Additionally, she believes that the 200-weekly simple moving average (SMA) must be broken if there’s to be any serious signal of positive momentum on Bitcoin’s part. Emmy wrote:

“Bulls need to reclaim weekly 200 SMA at a minimum to show any buyer strength. If we close June at $26,000, it means bulls are back.”

Bear Run May Persist

Meanwhile, there’s every tendency that the current bear run in the crypto market may yet go on. At least, going by a recent analysis by Savvythe1, the current bear run will be a prolonged one, even as the market begins to see more participants.

About 45 hours on however, BTC price is still struggling to pick up pace and return to the $21,000 level. As of the time of writing, BTC is trading at $20,840, up by a little over 4% in the last 24 hours, per CoinMarketCap data.

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