Cryptocurrency analyst Ali Martinez discussed a metric that he claims gives an idea of where Bitcoin will go in his statement.
According to the analyst, the 200-day simple moving average (SMA) data is very effective in determining the direction of Bitcoin’s trend. Martinez stated that if the Bitcoin price is above this metric, there is a price expansion, while if it is below this metric, it usually indicates a bearish market.
The analyst said that the price of Bitcoin is currently below the $63,600 level, after being around $63,600 for two months, which remains a concern in terms of the bearish momentum in the price.
At the time of writing, Bitcoin is trading at $61,901, down 0.61% in the last 24 hours and losing about 5% of its value in the past week.
Additionally, speaking about Ethereum, the analyst reported that the number of Ethereum whales holding more than 10,000 ETH has decreased by 7% since July.
*This is not investment advice.
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