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Bitcoin’s “Supertrend” Flips Red as Price Fails to Surmount Low-$7,000s

www.newsbtc.com

As the trader illustrated in the chart seen below, the last two times the SuperTrend turned red on the weekly Bitcoin chart led to 80% declines over a number of months, suggesting that something similar can happen here unless bulls step in to save the day. The fact that the SuperTrend is not bullish implies Bitcoin still has room to drop, which would give credence to theories that the bottom of the recent downturn is not yet in.

Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, issued a 10-part thread last week in which he noted that Bitcoin remains bullish from a macro perspective. He first looked to the fact that the cryptocurrency is holding near its 350-day simple moving average; this is important as the price moving and holding above this moving average “has always indicated the start of Bitcoin bull markets.”

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Bitcoin Bitcoin
70960.3000 3.42%
Ethereum Ethereum
3562.37000 2.11%
BNB BNB
582.914000 2.35%
Solana Solana
186.615000 2.31%
XRP XRP
0.63216600 3.12%