Bitcoin (BTC) Price Fails to Maintain Short-Term Bullish Momentum

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  • Last week, Bitcoin miners sold approximately 9000 BTC to pay their operating expenses.
  • A crucial bullish trend line with support around $21,175 was broken.

The Bitcoin (BTC) price surged beyond the $20,000 mark after a severe fall over the weekend. At $21,500, Bitcoin encountered resistance and has since retraced its losses. With a market capitalization of $390 billion at the time of this writing, the current Bitcoin price is $20,404. The 200-week moving average price level of $22,500 has to be reclaimed by Bitcoin for it to continue its upward trend.

BTC/USDT: Source: TradingView

The capitulation of Bitcoin miners reaches a new high. Last week, Bitcoin miners sold approximately 9000 BTC to pay their operating expenses. The movement from miner to exchange saw a significant increase. According to on-chain data provider Santiment, Bitcoin supply on the exchanges is at a 3.5-year low.

According to Santiment:

“The ratio of # Bitcoin’s supply continues to stay low at levels last seen in November, 2018. This is a good signal of limited future selloff risk. In the meantime, supply continues skyrocketing on to exchanges, indicating greater buying power”.

Bulls Trying Hard to Shift the Momentum

Investors might buy Bitcoin (BTC) in the long run since it is now selling at a 70 percent discount to its all-time high. Instead of waiting for the precise bottom to be found, long-term investors might begin Dollar Cost Averaging. Observing how long Bitcoin can maintain its current $20,000 support levels is a fascinating challenge.

From $ 22,950’s peak to $ 17,600’s low, there was a 61.8 percent Fibonacci retracement. It took over $21,000 to get the price above the 100 hourly simple moving average (SMA), but it finally managed.

After a rise from the swing low of $17,600 to the high of $21,698, the price fell below the 23.6 percent Fib retracement line. On the hourly chart of the BTC/USD pair, a crucial bullish trend line with support around $21,175 was broken.

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