RATE Group | Bitcoin Price Jumped 42% Last Time It Hit This Level, and BTC Has Tapped It Again
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Bitcoin Price Jumped 42% Last Time It Hit This Level, and BTC Has Tapped It Again

21 Nov Bitcoin Price Jumped 42% Last Time It Hit This Level, and BTC Has Tapped It Again

Posted at 12:09h in Bitcoin News by

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Late last month, Bitcoin (BTC) saw a jaw-dropping trading session, with the cryptocurrency’s price gaining 42% in a 24-hour time frame; this was BTC’s best daily performance in over six years. This move, which brought the asset from $7,300 to $10,500, shocked many, with many seeing the surge as entirely non-sensical.

Related Reading: Bitcoin Twitter Engagement Tumbles to Two Year Lows as Sentiment Turns Bearish

Though, retrospective analysis has shown that $7,300 was the price of the 200-day moving average on the CME futures market at that time, making the 42% bounce extremely peculiar.

While there is no guarantee a bounce will happen again, Bitcoin is yet again knocking on the door of the 200-day moving average on the CME’s chart. What do analysts expect to happen this time around?

Bitcoin Taps Key Level; What’s Next?

For those unaware, the 200-day moving average of any asset is seen by technical analysts as a level indicative of macro trends; trading above the level implies a…

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