Bitcoin Bull Run: Moving Averages Provide Key Support
CryptoNewsTerminal Staff17 Sep, 2024
Bitcoin Bull Run: Moving Averages Provide Key Support
Bitcoin's bullish trend remains intact as long as crucial moving averages hold as support. According to Keith Alan, co-founder of Material Indicators, Bitcoin is currently trading above the 21-day moving average, a sign of strength. The key level to watch is $54,568, the 50-day moving average on the weekly chart. Crypto analyst Jelle notes that Bitcoin has found support from the 50-week simple moving average (SMA) for the past 20 months. As long as this level holds, the bull market is likely to continue. These moving averages provide important guidance for traders, indicating potential support and resistance levels. Bitcoin's continued bullishness is a positive sign for the overall cryptocurrency market.
