Bitcoin, the leading marketable cryptographic asset, has been a confusing year so far. The year that began with the crypto-currencies began in the extreme, but later exploded 350% to 14,000 dollars, before falling by nearly 50% to 7,300 dollars.
The third largest 24-hour gain in cryptographic assets returned to its 200 and 50-day moving average, but dropped more than $ 10,000 and will again plummet. The drop in the number of bitcoins has returned to 50DMA, where the asset is rebuilding it – which is something very dangerous according to encryption analysts.
Bitcoin price: Bull or Bear Market will be decided soon
Bitcoin is at a critical juncture and will either recover from a strong recovery before reaching its maximum trajectory or move towards the bear market. The following days determine the evolution of the following months as the asset approaches its decline.
Related reading | Bitcoin price: the return of an average to a significant support can lead to a high value substitution
Price action It is difficult to calculate which side of the market is discounted – bullish or bearish. The collapse of a massive symmetrical triangle of several months has divided the market in a vacuum, but motivated by the strong news of Chinese President Xi Jinping that did not support blockchain technology, caused a surge in asset prices that led to a short epic break and set a record for the third largest asset gain.
The explosive move pushed bitcoin over its 200-day moving average as well as its 50-day moving average – two moving averages that outpaced deaths.
But this powerful summit may be a powerful attempt by previous supporters, and Bitcoin is again falling, yielding below 200 DMAs and now facing “dangerous” 50 DMA cuts.