Bitcoin has added 1.4% within the final 24 hours, reaching the 16.7K degree. It’s a new try to check the 50-day transferring common on a common lull and an effort by the bulls to color a extra optimistic technical image with much less energy whereas liquidity stays depressed.
This tactic is already profitable, as the full capitalisation exceeds 800 billion (+1.6% in 24 hours).
The present dynamic seems like an try to attract a line underneath a bearish 2022. We additionally observe that the December lows had been greater than the November lows. However to argue for a reversal, it’s extra prudent to attend for a renewal of the native highs reasonably than relying solely on the waning declines.
Closing the day above the 50-day common (round 16750) would possibly give new momentum to the upside, and consolidation above 17K is likely to be notable information within the quiet data stream and function a decoy for the bulls.
On the similar time, we recall that since July 2022, overcoming the 50-day common served as a set off for promoting on spectacular volumes, and bitcoin quickly renewed lows.
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