Bitcoin (BTC) closed beneath a key moving average for the eighth week in a row this weekend, but one analyst is betting on an imminent breakout.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin balances breakout with Grayscale worries
The largest cryptocurrency had maintained its familiar trading range with $33,000 as support through Saturday and Sunday, but the new week dampened momentum.
For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not have long to last before fresh losses hit.
“The blue 50-week EMA is still holding as support,” he summarized in a series of tweets.
“If this HL isn’t reclaimed as support soon, the sell-side pressure on the 50 WEMA may be too much for $BTC to hold here.”BTC/USD 1-week candle chart with 50-week exponential moving average. Source: Rekt Capital/Twitter
Others were more upbeat. In his latest video update,