RATE Group | Bitcoin edges towards major bull market reversal
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Bitcoin edges towards major bull market reversal

21 Dec Bitcoin edges towards major bull market reversal

Posted at 02:13h in Bitcoin News by

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Bitcoin has shown initial signs of a bull market reversal following a six-month downtrend that has seen the world’s largest cryptocurrency decline from $14,000 to as low as $6,400.

Consistent lower highs coupled with dwindling volume and open interest has culminated in bearish phases across all major cryptocurrencies, with several coins losing more than 60% in value.

Bitcoin flirted with the possibility of a major breakdown in price at the start of the week, with the $6,400 level of support being tested before a ferocious rally back towards the $7,150 region.

The most important hurdle for Bitcoin to clear is the 22 exponential moving average (EMA) on the daily chart. This EMA has been halting price action since November 11, with Bitcoin failing to trade above it on numerous occasions.

The 22 EMA held strong once again following Bitcoin’s most recent rally this week, with BTC failing to close a daily candle above the critical level.

If Bitcoin can break above the 22 EMA and the…

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