Crypto Trader Remains Bullish on BTC Despite MA Death Cross
- The 20-day MA line has crossed above the 50-day and 200-day MA lines on BTC’s chart.
- The price of BTC experienced a slight drop in the last 24 hours.
The crypto trader, Dan Gambardello (@cryptorecruit), quoted a YouTube video of his analysis for Bitcoin (BTC) today on his tweet. In the video, the trader talks about the recent bearish cross that took place with BTC’s 50-week Moving Average (MA) line and the 200-week Moving Average (MA) line.
Although this is a significant bearish flag, Gambardello shared that he sees it as a bullish sign. The main reason he believes that this is an early bullish sign is because of the phase of the current cycle that this cross took place in.
Despite the 50-week MA line crossing below the 200-week MA line, the analyst highlighted the fact that the 20-day MA has crossed bullishly above the 50-day MA, and the 50-day MA has crossed bullishly above the 200-day MA. According to Gambardello, this signals the start of a fresh bullish cycle for BTC.
In addition, the analyst stated that the monthly RSI for BTC has bottomed out, which suggests that the market is slowly transitioning from bearish to bullish.
At press time, the crypto market leader’s price experienced a 0.01% drop over the last 24 hours according to CoinMarketCap. Currently, BTC’s price stands at $21,825.55.
The 24-hour drop in price has added to the crypto’s negative weekly performance, which stands at -4.28% at press time. Its biggest drop in price over the last week was on 9 February, 2023, where it dropped 5.08%. As a result BTC’s price is currently resting on the daily support level at $21,450.
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