Bitcoin Price Breaks Above 50-day SMA as Analysts See More Gains for BTC
Bitcoin surged to a six-week high of $74,400, reclaiming the crucial 50-day Simple Moving Average, with analysts predicting further upside.Summary
Bitcoin (BTC) experienced a significant rally, reaching a six-week high of $74,400 during Monday's Asian trading hours, marking a 2.5% daily gain. This surge liquidated approximately $300 million in short positions across the crypto market. Crucially, BTC reclaimed the 50-day Simple Moving Average (SMA) at $71,120, a key support level, for the first time in 55 days. Analysts noted that this pattern often precedes substantial rallies, referencing a 33% gain after the last time this level was reclaimed. Furthermore, BTC is poised to close eight consecutive daily green candles, a feat last seen in December 2020, which historically preceded a 145% rally over two months. Other major cryptocurrencies like Ether and Solana also posted gains, pushing the global crypto market capitalization up 4% to $2.49 trillion. Analysts, including Michael van de Poppe, suggest that with momentum building and ETH breaking out, Bitcoin is likely to continue its rally toward $80,000.
(Source：Cointelegraph)