Analyst suggests that there is a fight between bulls and bears in the market
According to the cryptocurrency analyst, bitcoin is facing a strong 21-week resistance line on the weekly trading chart. As suggested by Cowen, the resistance outlined by Bear is being defended as one of the final hurdles between the first cryptocurrency and the new Bullrun.
Bitcoin has reached the above resistance after the price rises to $44,000. The most recent test before this took place on February 7, which was the local top of bitcoin at the time. After failing to break the resistance, BTC fell to $34,449.
The new test will likely be a turning point for the cryptocurrency market as the next major resistance is the 200-day moving average that sits near $46,000 on the daily chart. Although the next resistance remains relatively close to the current price, it is most likely to break once the market shows buying power, due to bitcoin’s tendency to go into volatile swings.
Unfortunately, there is no way to predict whether or not the first cryptocurrency will break the 21-week moving average, but indicators such as actual volume suggest the presence of buying power in the market that will propel bulls to price. can help you move.
Earlier, Cowen released a video saying that bulls are currently “fighting” for a new bitcoin super trend that could bring it back to ATH values. However, the main problem for this is a global risk-off trend on both the financial and crypto markets.
Bitcoin is still on a fairly steep decline and is down around 35% since ATH returned in November. At press time, the first cryptocurrency is trading at $43,720 and yet has failed to reach $45,000.