{"id":176701,"date":"2023-10-18T22:11:37","date_gmt":"2023-10-18T16:41:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176701"},"modified":"2023-10-18T22:11:37","modified_gmt":"2023-10-18T16:41:37","slug":"bitcoin-metrics-improve-bullish-odds-as-btc-price-holds-200-week-trendline-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-metrics-improve-bullish-odds-as-btc-price-holds-200-week-trendline-crypto-news\/","title":{"rendered":"Bitcoin metrics \u2018improve bullish odds\u2019 as BTC price holds 200-week trendline – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) continues to hold key support which new analysis says \u201cimproves bullish probabilities.\u201d<\/p>\n

In an X (formerly Twitter) thread<\/a> on Oct. 17, Caleb Franzen, senior analyst at Cubic Analytics, drew attention to two moving averages now forming the BTC price battleground.<\/p>\n

Analysis: Enduring Bitcoin support \u201ca great sign\u201d<\/h2>\n

Bitcoin is wedged between the 200-week simple moving average (SMA) and 200-week exponential moving average (EMA), data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows.<\/p>\n

BTC\/USD 1-week chart with 200-week SMA, EMA. Source: TradingView<\/em><\/figcaption><\/figure>\n

At $28,277 and $25,744 respectively, as of Oct. 18, the two trendlines have formed support and resistance since mid-August.<\/p>\n

For Franzen, this is an important feature to note on weekly timeframes and constitutes one of several encouraging characteristics of the BTC\/USD chart.<\/p>\n

\u201cOne of the reasons why I\u2019ve stayed patient with $BTC, even though I\u2019ve leaned defensive, is that price has been trying to use the 200-week moving average cloud as support,\u201d part of one post read.<\/p>\n

It added that bulls successfully holding the 200-week EMA was a \u201cgreat sign.\u201d<\/p>\n

Franzen additionally cited the short-term holder realized price (STHRP) \u2014 the aggregate on-chain price at which coins owned by younger investors last moved.<\/p>\n

Currently around $26,900, much attention has been given to the metric in 2023 thanks to its ability to act as market support.<\/p>\n

\u201cPrice is breaking above the STHRP, which is a key characteristic of an uptrend & it has a history of acting as dynamic support,\u201d the thread continued, alongside data<\/a> from on-chain analytics resource ChainExposed. <\/p>\n

\u201cThis improves bullish odds.\u201d<\/p><\/blockquote>\n

Bitcoin short-term holder realized price (STHRP) chart (screenshot). Source: ChainExposed<\/em><\/figcaption><\/figure>\n

Franzen was quick to note that despite the signals, there was no suggestion that BTC price action would make bull market-style gains as a result.<\/p>\n

\u201cOn the aggregate, these indicators show us that constructive dynamics are taking place and improving bullish probabilities,\u201d he explained. <\/p>\n

\u201cThey don\u2019t mean number go up. They mean that good things are happening.\u201d<\/p><\/blockquote>\n

BTC price cycle deja vu strikes<\/h2>\n

The findings chime with other recent investigations into Bitcoin on-chain behavior.<\/p>\n

Related: BTC price models hint at $130K target after 2024 Bitcoin halving<\/a><\/em><\/strong><\/p>\n

As Cointelegraph reported, BTC\/USD remains up around 6% this week<\/a>, despite snap volatility briefly disturbing market conditions.<\/p>\n

As network fundamentals surge to new all-time highs<\/a>, anticipation is building over what could follow for BTC price action as it heads toward the April 2024 block subsidy halving.<\/p>\n

Among the more vocal optimists is popular social media trader Moustache, who this week continued to compare Bitcoin\u2019s 2023 performance with that of 2020<\/p>\n

An illustrative chart uploaded<\/a> to X matches the COVID-19 cross-market crash in March 2020, with Bitcoin\u2019s two-year lows post-FTX meltdown seen at the end of 2022.<\/p>\n

\u201cStill looks textbook, doesn’t it?\u201d part of accompanying commentary argued, querying whether a \u201cbig move\u201d could soon result.<\/p>\n

BTC\/USD annotated chart. Source: Moustache\/X<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) continues to hold key support which new analysis says \u201cimproves bullish probabilities.\u201d In an X (formerly Twitter) thread on Oct. 17, Caleb Franzen, senior analyst at Cubic Analytics, drew attention to two moving averages now forming the BTC price battleground. Analysis: Enduring Bitcoin support \u201ca great sign\u201d Bitcoin is wedged between the 200-week […]<\/p>\n","protected":false},"author":2,"featured_media":176702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-176701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=176701"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176701\/revisions"}],"predecessor-version":[{"id":176704,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176701\/revisions\/176704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/176702"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}