Upon reviewing the data of Bitcoin prices we get from the 2019 bull market is giving amazing insights on the recent support levels for the stablecoin.
The recent prices of Bitcoin go from 16.5K dollars to 25k dollars. However, you as a investor should see this surge up as a squeeze for the markets. However, even though the prices have surged up, many buyers have halted any transactions to buy the stablecoin.
The recent uprising in prices of BTC shares similarities with the bear market rally back in 2019. The market back then experienced a surge of 330% in the prices of BTC from highs around 14k dollars to lows around 3250 dollars. The similarities were uncanny to today’s price chart trends of Bitcoin.
The market insiders and even the on-chains are giving mixed answers to the question that if it is really worth investing on Bitcoin now or not.
However, there are some reasons to accept that the market is on its turning point and it can turn into a complete bullish market or can get along-term bearish trend.
Bitcoin On-Chain Data Highlights The Basic Similarities:
Bitcoin’s prices have crossed the two hundred days of moving average at 19.6k dollars. This can encourageall the traders to sneak peek at a long position. This metric historically has acted like a bear-bull pivot line.
The Bitcoin resets its two hundred days MA after a breakout and it raises possibility towards 19.5k dollars. However, this has not been the case in 2019.
Traders are paying extra attention to the MA which currently stands at 25.1K dollars. The prices of BTC has been reduced below the weekly moving average till Nov 22. However, it currently is reclaiming the level and it can encourage buyers to enter this bandwagon.
