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Late last month, the Bitcoin price saw a jaw-dropping trading session, with the BTC price gaining 42% in a 24-hour time frame; this was Bitcoin’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.
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, according to this BTC price analysis, 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 has declined below the psychological level of $8,000 for the first time since October 25.
Interestingly, the trading volume on Bitcoin futures exchange Bakkt is increasing, which suggests that institutional investors are happy to enter the market at lower prices.
One of the possible reasons behind the ongoing decline is the so-called mining capitulation.
The phenomenon was discussed in detail by crypto analyst Cole Garner, who argued that small miners are forced to giving up on the process as it becomes too expensive for them.
The gradual exit of unhappy miners could soon end up in a massive sell-off that could drag the Bitcoin price to new lows that were unthinkable last summer.
Crypto analyst DonAlt shared on Twitter…
“People talking about $3000 right now are being more unreasonable than people talking about new highs. A run from $200 -> $20k is going to take some time to digest. $3k was an overreaction to the downside. $14k was an overreaction to the upside. We’re now finding middle ground.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.