Is Bitcoin already recovering? Even though there is some optimism in the market, analysts argue it won't be a sustained relief as long as it keeps its price under its 200-week moving average.
Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He concluded:
"Slight consolidation would trigger continuation and break above $22.6K would activate massive longs towards $28K. Good times." Both Bitcoin and altcoins made the most of relief on equities markets on the day, with Asia and the United States making modest gains as the U.S. dollar retreated. The S&P 500 and Nasdaq Composite Index were up 0.7% and 1%, respectively, at the time of writing, one hour after the opening bell.
"Prime time for Bitcoin," on-chain analytics resource Whalemap meanwhile forecast, offering a more optimistic take based on major buyer interest below spot price.
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