Famous Crypto Trader Candid Commentary on Bitcoin (BTC) May Overcome Weeks of Bearish Price Action

A popular crypto-analyst and trader reveals the leading digital assets that Bitcoin (BTC) will have to take to regain a major support level.

Analyst pseudonym Rekt Capital tells of his 328,000 Twitter followers that the top crypto asset by market capitalization lost its 200-week moving average a few weeks ago, but has yet to turn it into resistance.

Merchant He said That if the crypto king can hold the region around $19,500, he might see his 200-week moving average again.

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“BTC is struggling near the support level of $19,170. But what is interesting is that BTC is at a higher low than the lows in late June. BTC lost the 200-week moving average a few weeks ago, but did not reverse it to new resistance. If it drops Green support, BTC could revisit the 200-week moving average.

Source: Rekt Capital / Twitter

Then Rekt Capital Notes comment Bitcoin buying volume is now similar to what it was a few weeks ago. However, the trader claims that the price of BTC was less affected by the purchase even though the token cost less.

“The volume of Bitcoin buying this week is similar to [the] Purchase volume a few weeks ago. However, weeks ago, [a] Similar volume to Motion + 10% product, at higher prices. This week, similar buying volume led to a slight +4% reaction, to lower prices, and most of them pulled back.

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Source: Rekt Capital / Twitter

Recently, the analyst also explained how Bitcoin has quickly approached its bear market slump. He said that BTC tends to fall a year after the previous bull market peak. It’s been about 300 days since Bitcoin reached the peak of the last bull market, according to the trader.

BTC is trading at $19,950 at the time of writing, a partial gain on the day.

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