Traders are once again hoping for a bullish run as a fresh slash of green spread across the entire crypto market. Interestingly, the 50-DMA indicator shows that the cryptocurrency might be in a good shape for further gains. Bitcoin surged to ,500 today for the first time since January 5th as the cryptocurrency market managed to reclaim the trillion mark. Although BTC failed to sustain the ,000 levels and is currently trading slightly below the ,000 region, the leading cryptocurrency flashed an indicator that was last seen before a massive rally last year. Yesterday, BTC closed above the 100-day period displaced moving average (DMA), an indicator that things are looking good again for the asset. A displaced moving average (DMA) is a type of moving average (MA)
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Traders are once again hoping for a bullish run as a fresh slash of green spread across the entire crypto market. Interestingly, the 50-DMA indicator shows that the cryptocurrency might be in a good shape for further gains.
- Bitcoin surged to $45,500 today for the first time since January 5th as the cryptocurrency market managed to reclaim the $2 trillion mark.
- Although BTC failed to sustain the $45,000 levels and is currently trading slightly below the $44,000 region, the leading cryptocurrency flashed an indicator that was last seen before a massive rally last year.
- Yesterday, BTC closed above the 100-day period displaced moving average (DMA), an indicator that things are looking good again for the asset.
- A displaced moving average (DMA) is a type of moving average (MA) indicator that helps to determine trend directions. If the price closes above the MA, it is above average, which could be a sign of an uptrend. However, when the price closes below the MA, it indicates a downtrend.
- The last time bitcoin closed above the 100-DMA was in July, just before bitcoin surged by almost 100% from around the $35,000 region.
- Commenting on the matter was a popular crypto analyst.
last time we got a nice close above the 100 dma was back in july which was the start of an almost 100% rally, so things are defo starting to look good again imo.#btc pic.twitter.com/q4ZNKgFRKq
— Bluntz (@SmartContracter) February 8, 2022
- Vijay Ayyar, head of Asia-Pacific at Luno Pte, believes the next stop for the leading cryptocurrency is $46,000 to $47,000.
“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness. it’s being capped by the 50-DMA and needs to close above it. The next stop from here is $46,000 to $47,000,” Ayyar said.