Bitcoin (BTC) spiked higher around the Jan. 17 Wall Street open as nervous analysts waited for further cues.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewOpinions diverge over Bitcoin’s fate
As bullish impulses continued to hit the chart, reactions stayed conservative amid an atmosphere of suspicion over the true source of Bitcoin’s return to form.
One such cautious take came from Michaël van de Poppe, founder and CEO of trading firm Eight, who eyed behavior around a key exponential moving average (EMA) across crypto.
“Food for thought; Total market capitalization and the altcoin market capitalization are both at the 200-day EMA’s, while Bitcoin is barely breaking it without any volume,” he