RATE Group | The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again
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The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again

21 Jan The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again

Posted at 14:42h in Bitcoin News by

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A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action.

The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week period, looks to assume the role of a strong pullback level. The year’s first week marked the first time price closed above the technical indicator since late-April, as shown in the chart below.

bitcoin, cryptocurrency

Bitcoin looks to continue price rally above blacked support wave | Source: TradingView.com, Coinbase

A crossover above the 50-SMA earlier in April pushed the bitcoin price up by 173 percent to $13,868.44 on Coinbase exchange. Meanwhile, the resistance-to-support flip of the blacked support wave accompanied the growth in weekly trade volume, confirming the cryptocurrency’s breakout action.

The latest upside push in the bitcoin price served a reminiscent of the same upside move. The volumes further went up to confirm a breakout sentiment, confirming that traders were looking to…

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