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Bitcoin (BTC) Tanks Another 3%, Here’s The Key Metric to Focus

Bitcoin and the broader crypto market have been on a downward trend this week and now for the fifth consecutive day in a row. The BTC price is trading 3% down in the last 24 hours and is currently trading at $22,785 with a market cap of $435 billion.

The focus has now moved to its 200-week moving average (WMA) as Bitcoin is trading close to $23,000. In a note to investors on Thursday, Craig Erlam, senior market analyst at Oanda, writes:

“The rally that brought it back to $25,000 has lost considerable momentum and that could begin to weigh more heavily on the price” of Bitcoin. “A move below $22,500 may suggest the rally has run its course for now.”

Courtesy: Bloomberg

On the other hand, crypto market analyst Lark Davis also points out that Bitcoin has lost “RSI uptrend, bearish MACD cross, losing 50 day EMA right now,” in the last 24 hours.

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 8/19/2022

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