{"id":10298,"date":"2023-02-10T19:31:13","date_gmt":"2023-02-10T19:31:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10298"},"modified":"2023-02-10T19:31:14","modified_gmt":"2023-02-10T19:31:14","slug":"bitcoin-price-faces-key-moving-average-showdown-3-weeks-after-breakout","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10298","title":{"rendered":"Bitcoin price faces key moving average showdown 3 weeks after breakout"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) saw no relief at the Feb. 10 Wall Street open as United States equities dipped further.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>\u201cAll eyes\u201d on 200-day moving averages<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it tracked sideways following a volatile 24 hours of trading.<\/p>\n<p>Existing market weakness was compounded by an announcement from U.S. regulators concerning Ether (ETH) staking, with major crypto exchange Kraken forced to suspend its staking operations and pay a $30-million fine.<\/p>\n<p>Bitcoin fell to three-week lows as a result, with traders eyeing potential retests of $20,000 and even $19,000 to come. <\/p>\n<p>On the day, stocks offered little by way of comfort to risk asset traders, with the S&amp;P 500 opening down to cross a significant line in the sand left over from late last year.<\/p>\n<p lang=\"en\" dir=\"ltr\">S&amp;P 500 $SPX gaps below 4,080 (high daily close Dec.&#8217;22): pic.twitter.com\/C2CpD7YpmP<\/p>\n<p>\u2014 Caleb Franzen (@CalebFranzen) February 10, 2023<\/p>\n<p>U.S. dollar strength also bided its time, with a hopeful take from investment research resource Game of Trades eyeing resistance, which it may fail to overcome.<\/p>\n<p>\u201cUSD has been rejected from its macro uptrend line that\u2019s now turned to resistance. Confirmation is key though,\u201d it summarized on Twitter.<\/p>\n<p><em>U.S. dollar index (DXY) annotated chart. Source: Game of Trades\/Twitter<\/em><\/p>\n<p>Scott Melker, known as \u201cThe Wolf Of All Streets,\u201d meanwhile, saw cause for optimism on four-hour timeframes when it came to Bitcoin. A comeback could still materialize if it were accompanied by a rebound in relative strength index (RSI) values.<\/p>\n<p>\u201cThis looks ripe for a bounce. RSI oversold with potential bullish divergence,\u201d he told Twitter followers in a fresh update. <\/p>\n<p>\u201cNeed to wait until the next candle close and see if we get an \u2018elbow up\u2019 on RSI. Testing 200 MA for first time since Jan 6th. $21,646 is also key support, exactly where price bounced.\u201d<\/p>\n<p>An accompanying chart showed spot price proximity to the 200-day moving average (MA) mentioned. This remains a key trend line that Bitcoin only recently reclaimed after trading below it since late 2021.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Scott Melker\/Twitter<\/em><\/p>\n<p>\u201cAll eyes on Bitcoin\u2019s 200-day moving average cloud,\u201d Caleb Franzen,\u00a0senior market analyst at Cubic Analytics, continued on the topic.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with 200MA. Source: TradingView<\/em><\/p>\n<h2>Analyst predicts 2021-style energy price surge<\/h2>\n<p>Casting a longer-term view, Alasdair Macleod, head of research at precious metal investment company Goldmoney, had a further shock in store.<\/p>\n<p><strong><em>Related:\u00a0Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys BTC<\/em><\/strong><\/p>\n<p>In his latest research piece released on the day, Macleod warned that macroeconomic conditions were apt to repeat behavior from a year earlier, at the start of the Russia\u2013Ukraine conflict.<\/p>\n<p>This specifically would involve a rerun of the commodity and energy price increases still being felt by consumers \u2014 but also a bull run for gold.<\/p>\n<p>\u201cAt this time last year, gold began a rapid rise to $2070 and oil traded up from $85 to $120 when Russia attacked,\u201d he wrote. <\/p>\n<p>\u201cIt is amazing that markets are ignoring the very clear signals that the conditions which led to commodity and energy prices soaring last February are in place to happen again.\u201d<em>XAU\/USD vs. BTC\/USD chart. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-faces-key-moving-average-showdown-3-weeks-after-breakout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) saw no relief at the Feb. 10 Wall Street open as United States equities dipped further. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView \u201cAll eyes\u201d on 200-day moving averages Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it tracked sideways following a volatile 24 hours of trading. Existing market weakness was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10298"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10298\/revisions"}],"predecessor-version":[{"id":10300,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10298\/revisions\/10300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10299"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}