Bitcoin Is Struggling To Hold Its 200-Day MA Today

142

Bitcoin has been trading at sideways price action for most of December, struggling to stay above the 200-day moving average.

After a strong October and an early November of new all-time highs, Bitcoin has encountered a blocking road in December, having lost 13.60% since the beginning of the month. This reality stands in stark contrast to a widespread belief that Bitcoin’s price would hit $100,000 by the end of the year.

At the time of writing, Bitcoin is trading at around $47,500 after having closed below its 200-day moving average on Tuesday. The 200-day MA is often used to gauge an asset’s long-term trend in traditional capital markets. An asset is generally considered to be in an overall uptrend for as long as it holds above its 200-day MA.

Read More:   Why “Smart Contracts For Bitcoin” Really Means “Buy My Altcoin” Today

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More