The BTC underwent a sharp correction on May 19, when the price dropped to around $ 30,000, resulting in the biggest single-day price drop of up to 30%. In addition, this price drop was the first time that BTC has fallen below the 200-day moving average.
The 200-day moving average (MA) is a key technical indicator used to determine the general market trend. It is a line that shows the average closing price of the last 200 days or about 40 weeks of trading.
Market analyst Lark Davis revealed that the recovered momentum pushed Bitcoin closer to the 200-day MA.
– Lark Davis (@TheCryptoLark) May 26, 2021
#bitcoin still struggling to break the 200-day MA, click
A movement above this indicator means an upward trend.
An analysis by CryptoHamster revealed that the BTC should trade above $ 34,000 for an upward movement to be triggered.
Africa leads the Bitcoin trade point-to-point.
Accordingly with the cryptocurrency data provider Documenting Bitcoin:
Africa is leading the world in the growth of Bitcoin trade volume point-to-point, with 22% in the last three months.
In July last year, it was reported that African nations like Kenya, South Africa, Nigeria and Ghana had traded Bitcoin worth more than $ 1 million in a single week.
This shows that Africa is still a center for BTC trading carried out on point-to-point platforms.
Bitcoin open contracts start to gain momentum.
Crypto research analyst Nick Mancini, revealed that Bitcoin’s open contracts hit rock bottom, but it looks like it’s starting to rise, as big punters are on the rise.
Open Interest for #bitcoin appears to have bottomed and is now beginning to lift higher.
The big gamblers are flipping bullish. pic.twitter.com/1CxJ7AnVdO
– Nick Mancini bought the dip 💫 (@nickcini) May 24, 2021
Open interest for #bitcoin seems to have reached the bottom and is now starting to rise further.
The big punters are becoming optimistic.
Market trader Joseph Young also pointed out:
There are a lot of lost Bitcoin wallets now, compared to a few weeks ago. Historically, when this trend of capitulation-forgetfulness took place, a sustainable gradual upward trend followed. We will look at several FUD points / variables at play, but with a better appearance than not.
As a result, this needs to be noted if Bitcoin will exceed the 200-day MA later.
Source: Blockchain News