Bitcoin Records 1st Weekly Green Candle In 3 Months – A Start Of A Bull Run?

In the past week, Bitcoin and the broader cryptocurrency market have demonstrated a significant trend reversal by gaining 8 percent in a short period of time. Following its decoupling from U.S. equities, the largest cryptocurrency in the world has been attempting to catch up with this relief bounce. Bitcoin has had a week of volatility. However, the cryptocurrency has been able to record its first green weekly candle in three months. As of this writing, BTC is trading at $31,256.62, up 6.0%, with a market cap of $595.7 billion, according to figures from Coingecko. Earlier in the week, Bitcoin was able to reach a peak of $32,000, but the jubilations were short-lived as sellers jumped in and knocked the price back down to where it has been for the past few days. Suggested Reading | Ethereum Loses $1800 Handle – Will Bear Market Pull ETH Down Deeper? Bitcoin Showing Strong Resilience According to technical charts, Bitcoin continues to trade well above its 200-day moving average (DMA). Historically, it has reached its lowest point near 200 DMA or slightly below, which is 25 percent lower than its current price. Rekt Capital, a popular crypto analyst, explains: “Historically, BTC tends to bottom at, around, or just under the 200-week moving average… $BTC would need to lose a further 25 percent to reach the 200 MA.” BTC total market cap at $597 billion on the daily chart | Source: TradingView.com January ...