Bitcoin's 200-Day SMA Breaks Out Higher: Positive Influence on Cryptocurrency Market

IconCryptoNewsTerminal Staff14 Jul, 2024

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Bitcoin's 200-Day SMA Breaks Out Higher: Positive Influence on Cryptocurrency Market

Bitcoin's 200-day simple moving average (SMA) has broken out higher following the attack on former President Donald Trump over the weekend. This is a positive sign for the cryptocurrency market, according to experts. "The attack could increase the possibility of former President Trump's election as president, which could have a positive effect on the cryptocurrency market," said Greg Magadini, director of derivatives at Amberdata. The 200-day SMA is a key technical indicator that is used by many traders to gauge the long-term trend of a security. A break above the 200-day SMA is often seen as a bullish signal, indicating that the security is in an uptrend. The breakout in Bitcoin's 200-day SMA is a positive sign for the cryptocurrency market. It suggests that the market is in an uptrend and that prices are likely to continue to rise in the future.

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