Looking for the Bitcoin rebound? You could be waiting for some time.
LONDON (Bywire News) - For months now, crypto markets have taken a significant downturn in price, but according to many technical specialists, there is more to come.
The current bear market can be put down to a number of factors, but the biggest is the wider economic uncertainty plaguing the market. Bitcoin has been sent way below its 200-week moving average at around $22,600 with its 200-day moving average looming at around $35,500.
Hovering Bitcoin has been consolidating sidewards for well over a month. Valkyrie investments say that its research is indicating some sort of upside move but it’s not clear when that could come to fruition.
Josh Olszewicz, Valkyrie’s head of research, claims while referring to some sidewards movement before a break in the trend that “Historically we've accumulated (around the 200-week average) for three to six months.”
In late 2018 and the early stages of 2019, Bitcoin spent three...
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