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- Bitcoin is back above the 200-day MA signaling a very bullish sign for all of crypto.
- Analysts remain cautiously bullish and hope to see BTC reclaim higher prices.
- Will the crypto market face another heavy dump or is it time for new ATHs?
The price of Bitcoin seems to be having a good start to the new week. As Bitcoin nears another monthly close, analysts await to see the pioneer crypto asset reclaim bullish momentum. One analyst sees that Bitcoin is back above the 200-day MA signaling a very bullish sign for all of crypto.
Bitcoin Is Back Above the 200-Day MA
According to CoinMarketCap analytics, Bitcoin price is up by over 3% in the last 24 hours. So far, Bitcoin price has pumped steadily from the $84,000 price range to the $87,000 price range. Could this be Bitcoin’s road to recovery and reclaiming its $90,000 price before moving higher to reclaim its previous ATH target?
Analysts See a Bullish Indicator for All of Crypto
While no analyst is certain this isn’t just another sideways movement before another market dip, one analyst does recognize this upward movement as a bullish indicator. As we can see from the post above this analyst marks how Bitcoin is back above the 200-day MA and says that this is a bullish sign that bodes well not only for Bitcoin but for the entire crypto market too.
Reflecting the uncertain expectations is the CMC Crypto Greed and Fear Index marking a score of 31 pointing to ‘Fear’. This sentiment is usually a time to take risks and accumulate to reap profits when the market pumps to ‘Greed’. However, some analysts are expecting another heavy dump before a recovery to new ATHs, this leaves traders doing their own research to make a decision that best suits their risk levels.
