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Time is running out for Bitcoin: This indicator can determine everything!
Jamie Coutts, the lead crypto analyst at Real Vision, said, "Bitcoin has been signaling positive price movements for my trend model since March."
For BTC, on June 4th, the Simple Moving Average (SMA) stood out in three different time frames: 5-day, 30-day, and 50-day. All three periods correspond to the $65,000-68,239 range in Bitcoin. This development coincides with a long period of low volatility, generally raising hopes for a potential rise. However, it could also lead to a price pullback.
Various indicators will have a say in the direction of Bitcoin.
According to TradingView's Moving Average indicator, Bitcoin is currently in a strong buying position. This indicator takes into account both the Simple Moving Average (SMA) and the Exponential Moving Average (EMA), which is a slightly different indicator that gives more weight to recent prices.
According to CoinMarketCap data, Bitcoin is currently trading above three SMAs at $70,840. Trading above the moving average is a positive sign for investors; if the price drops, it indicates that the moving average could serve as a new support level for Bitcoin.
The leader of cryptocurrencies reached $71,040 for a short period on the same day and then quickly pulled back. Meanwhile, Bitcoin managed to stay above the key support level of $60,000, which is closely watched by investors, in the last 30 days. However, it couldn't reach $72,000 and rose to $71,946 on May 21.
This article does not contain investment advice or recommendation. Every investment and trading operation involves risks and readers should conduct their own research when making decisions.