Popular crypto trader shows how Bitcoin (BTC) can weather weeks of bearish price action

Popular crypto trader shows how Bitcoin (BTC) can weather weeks of bearish price action

A popular crypto analyst and trader reveals what the leading digital currency Bitcoin (BTC) needs to do to restore a major support level.

Analyst pseudonym Rekt Capital tells his 328,000 Twitter followers that the top crypto asset by market cap lost its 200-week moving average weeks ago, but has yet to flip it into resistance.

Merchant Says That if the cryptocurrency can hold the area around $19,500, it can once again visit its 200-week moving average.

“BTC is struggling near the support level of $19,170. But what is interesting is that BTC is at a higher low compared to late June. BTC lost the 200-week moving average weeks ago but did not turn it into a new resistance level. If the green support continues, the green support could be For BTC to revisit the 200-week moving average.”

Source: Rekt Capital / Twitter

Then Rekt Capital Notes How is the volume of Bitcoin buying now similar to what it was weeks ago. However, the trader says that the price of BTC was less affected by the purchase even though the token cost less.

“The volume of Bitcoin buying this week is similar to [the] Purchase volume a few weeks ago. However, weeks ago, [a] Similar volume produced +10% movement, at higher prices. This week, similar buying volume produced a small +4% reaction, at low prices, and most of it has bounced back.”

Source: Rekt Capital / Twitter

Recently, the analyst also explained how Bitcoin was rapidly approaching the bottom of its bear market. He said that BTC tends to fall a year after the previous bull market peak. It’s been about 300 days since Bitcoin reached the peak of the last bull market, according to the trader.

BTC is trading at $19,950 at the time of writing, a partial gain on the day.

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