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November 29, 2022
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Bitcoin

Bitcoin is experiencing a bullish weekly close. S2F works “like clockwork”

Bitcoin’s price is currently in full retreat after its weekend high of $ 42,628. Markets during the morning Asian trading session watched red candles and BTC fell by 5%.

A short-term correction could have been expected, but long-term indicators are still in bull territory. Cryptocurrency YouTuber and analyst Lark Davis noted that BTC closed its weekly candle above the 21-week exponential moving average.

Bitcoin has just closed the weekly candle above the key resistance line as well as above the 21 week EMA!

When it comes to short-term 50-day and 200-day moving averages, BTC is exactly in the middle. The 50-day EMA moved up, while the 200-day is slightly higher at $ 45,000.

Stock-to-Flow works like clockwork

The popular stock-to-flow model is still on the right track. This is the result of a tweet from its creator, “PlanB”, who posted an update on Twitter yesterday.

Bitcoin July closing price 41,490… bounced off the low, like clockwork.

The S2F model was originally published in March 2019, delving into the relationship between supply production and current available inventory, essentially calculating and predicting the value of BTC through the shortage.

The model predicts that the BTC price will reach 100,000. dollars until the end of this year, although this forecast has been questioned many times. So far, however, the model is holding together and the prices remain within its limits.

Current Bitcoin rate and other cryptocurrencies, you can always check the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will find out how you can efficiently create one: LINK.

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