Those who still want to buy Bitcoin below $38,000 might never have such a buying opportunity again.
As noted by Blockstream CEO Adam Back, Bitcoin’s 200-week moving average (200MA) is now above the aforementioned level.
The 200MA is often treated as the most important chart in Bitcoin due to the simple fact that the flagship cryptocurrency has never gone down.
This ironclad MA is considered to be some sort of a price floor for Bitcoin.
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At press time, the leading cryptocurrency is sitting at the $60,774 level on the Binance exchange. On Aug. 5, its price collapsed all the way to $49,000 during a global market crash. However, it managed to pare its losses in a relatively short span of time.
Still, the bulls’ inability to regain the initiative on the back of a powerful risk-on run should be treated as a worrying sign, according to prominent trader Mark Dow.
The bellwether cryptocurrency is down 17.5% from its current peak of $73,737 which was achieved in March following the extremely successful debut of multiple exchange-traded funds.
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For now, some potential selling pressure stemming from ongoing Mt. Gox repayments remains a significant bearish factor for the market. Earlier this week, the now-defunct exchange made another substantial transfer to Bitstamp.
Earlier this August, banking giant JPMorgan warned that there were no obvious bullish catalysts for the flagship cryptocurrency in the near future, which is why it advised to treat its recent recovery with caution.