{"id":499299,"date":"2022-08-19T17:00:17","date_gmt":"2022-08-19T17:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=499299"},"modified":"2024-06-11T14:22:45","modified_gmt":"2024-06-11T14:22:45","slug":"bitcoin-price-declines-below-50-day-ma-is-a-recovery-expected","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-declines-below-50-day-ma-is-a-recovery-expected\/","title":{"rendered":"Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?"},"content":{"rendered":"<p class=\"p2\">Bitcoin price has no doubt had an interesting couple of weeks. After managing to recover from the crash that rocked the market in June, it is now back down to where it began, losing more than $3,000 in a matter of days. The swift decline has put the digital asset below key technical levels. So while the cryptocurrency had managed to maintain some bullish indicators after falling from $25,000 initially, it has now completely reversed this trend.<\/p>\n<h2 class=\"p2\">Bitcoin Loses Technical Levels<\/h2>\n<p class=\"p2\">Bitcoin has seen a fast fall in its price, which has translated into lower 50-day moving averages for the digital asset. So even when bitcoin had fallen to $23,000 levels, it had been able to maintain above this important point. That is until bitcoin lost its footing at $23,000 and is now trading just above $21,000.<\/p>\n<div class=\"related-reading-shortcode\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/crypto-market-gains-retrace-as-ethereum-merge-draws-closer\/\">Crypto Market Gains Retrace As Ethereum Merge Draws Closer<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">By now, the 50-day moving average for bitcoin had fallen to $21,891, and at a current trading price of $21,433 at the time of this writing, it was trading well below the 50-day MA. The 50-day MA is important for determining when there might be a turn in investor sentiment towards bearish or bullish. As bitcoin has fallen below this point, it indicates that investors are not looking toward buying the digital asset.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/wWBX6QWN\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC falls below 50-day and 200-week MA | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Another crucial technical level that bitcoin has lost is the 200-week moving average. Anyone following the digital asset knows that this was a level that bulls fought hard to reclaim. After breaking above it a couple of weeks ago, bitcoin had gone on a positive run that eventually ended at $25,200. Even then, it had managed to hold above here. That is, until Thursday.<\/p>\n<p class=\"p2\">The digital asset is down 8.74% in the last 24 hours alone and 10.09% on the weekly chart. This decline has followed the Fed\u2019s hawkish stand in recent times. So basically, the market continues to hold its breath as the Fed makes more decisions concerning the financial markets.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-must-clear-this-level-if-it-wants-to-see-28000\/\">Bitcoin Price Must Clear This Level If It Wants To See $28,000<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">Falling below the 200-week moving average, coupled with the fall below the 50-day MA, bitcoin had now registered another bearish trend. It suggests a reversal to sell-offs, strengthening the bears once more. Trends such as this can only be reversed with accumulations, and even though there is buying among bitcoin holders with 100 to 10,000 BTC, there has not been enough buying to turn the sell-offs around completely.<\/p>\n<p class=\"p2\">Presently, bulls are trying to keep the digital asset\u2019s price above $20,000. With the crash, short traders have ramped up as weakness is being perceived across the market. This loss in momentum has continuously dragged the price down, and unless there is significant buying coming from whales and institutional investors, bitcoin is more likely to test $20,000 than touch $25,000 again.<\/p>\n<pre style=\"text-align: center\">Featured image from Coingape, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has no doubt had an interesting couple of weeks. After managing to recover from the crash that rocked the market in June, it is now back down to where it began, losing more than $3,000 in a matter of days. The swift decline has put the digital asset below key technical levels. So while the cryptocurrency had managed to maintain some bullish indicators after falling from $25,000 initially, it has now completely reversed this trend. Bitcoin Loses Technical Levels Bitcoin has seen a fast fall in its price, which has translated into lower 50-day moving averages for the digital asset. So even when bitcoin had fallen to $23,000 levels, it had been able to maintain above this important point. That is until bitcoin lost its footing at $23,000 and is now trading just above $21,000. Related Reading: Crypto Market Gains Retrace As Ethereum Merge Draws Closer By now, the 50-day moving average for bitcoin had fallen to $21,891, and at a current trading price of $21,433 at the time of this writing, it was trading well below the 50-day MA. The 50-day MA is important for determining when there might be a turn in investor sentiment towards bearish or bullish. As bitcoin has fallen below this point, it indicates that investors are not looking toward buying the digital asset. BTC falls below 50-day and 200-week MA | Source: BTCUSD on TradingView.com Another crucial technical level that bitcoin has lost is the 200-week moving average. Anyone following the digital asset knows that this was a level that bulls fought hard to reclaim. After breaking above it a couple of weeks ago, bitcoin had gone on a positive run that eventually ended at $25,200. Even then, it had managed to hold above here. That is, until Thursday. The digital asset is down 8.74% in the last 24 hours alone and 10.09% on the weekly chart. This decline has followed the Fed\u2019s hawkish stand in recent times. So basically, the market continues to hold its breath as the Fed makes more decisions concerning the financial markets.\u00a0 Related Reading: Bitcoin Price Must Clear This Level If It Wants To See $28,000 Falling below the 200-week moving average, coupled with the fall below the 50-day MA, bitcoin had now registered another bearish trend. It suggests a reversal to sell-offs, strengthening the bears once more. Trends such as this can only be reversed with accumulations, and even though there is buying among bitcoin holders with 100 to 10,000 BTC, there has not been enough buying to turn the sell-offs around completely. Presently, bulls are trying to keep the digital asset\u2019s price above $20,000. With the crash, short traders have ramped up as weakness is being perceived across the market. This loss in momentum has continuously dragged the price down, and unless there is significant buying coming from whales and institutional investors, bitcoin is more likely to test $20,000 than touch $25,000 again. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":499302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86629,428,84627,679,1119,1144,78790,79520,84008],"class_list":["post-499299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitco","tag-bitcoin","tag-bitcoin-performance","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd","tag-xbtcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?<\/title>\n<meta name=\"description\" content=\"Bitcoin price has no doubt had an interesting couple of weeks. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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