Bitcoin is approaching the key 200 SMA, which could signal a breakout to USD 70K.
Recent institutional investor interest and #bitcoin #ETF approval could spur a new rally. The liquidation of USD 16.42 million in long positions reflects cautious trading near key price levels.
Bitcoin is on the verge of a big move as it tests a key level for the third time since August. According to renowned #cryptocurrency analyst Ari Martinez, this level could signal a major move for bitcoin and lead to a bullish breakout. The last time bitcoin broke through this level, the price jumped to $70,000 USD. Could we see another massive price spike in the near future?
Last week, bitcoin rose more than 8.7% after the recent announcement of a Fed rate cut. This upward momentum pushed the cryptocurrency to the $630,000 mark, allowing it to approach the important $640,000 mark on the 200-day simple moving average (SMA).
the 200-day simple moving average (SMA) is one of the most important indicators used by traders because it shows the average price over the last 200 days. It gives a long-term view of the market trend, and when bitcoin crosses above this line, it often indicates a bullish trend.
cryptocurrency analyst Ali Martinez emphasizes that bitcoin is currently testing this important level, located around $63,176, for the third time since August After several attempts to overcome this resistance line since August, bitcoin is back again.
October 2023, bitcoin broke through its 200-day moving average at $28,000, sparking excitement over the possible approval of a bitcoin ETF in the U. S. and triggering a powerful rally. As a result, bitcoin reached an all-time high of $70,000 by March. Given the recent authorization to trade options on bitcoin ETFs from #BlackRock and the growing interest of institutional investors in cryptocurrencies, many experts believe that another breakthrough is just around the corner.
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