While selling pressure has undoubtedly dissipated, the Bitcoin (BTC) price is still struggling. As of the time of writing this article, the cryptocurrency is trading for $9,550, which is 6.5% lower than BTC was at one week earlier.Related Reading: Prominent Investor Says Bitcoin Has “Failed” As a Safe Haven: BTC Slips 5%
But, bulls might get some reprieve in the coming weeks. Here’s why.Bitcoin Price May Soon Bounce
While Bitcoin’s price action seems sporadic, the asset follows distinct trends and patterns. One of these patterns is Bitcoin falling to retest the 21-week exponential moving average (EMA) in bull markets to confirm the uptrend.
As analyst Crypto Michael, a full-time trader at the Amsterdam Stock Exchange, points out, this key moving average acted as support throughout the last bull market after Bitcoin tested it January 2016.
Indeed, as he depicts in his chart below, Bitcoin had a tendency to fall by 33% to 39% to hit the moving average, then rocket back to fresh all-time highs in the coming weeks.
Right now, Bitcoin is around $500 away from the moving average, which is currently 37% lower than BTC local peak of $14,000. History repeating would see BTC fall to flirt with $9,000, then rebound into the end of 2020 and the subsequent block reward reduction.
The two levels to watch;
Bounce Off $9,000 Could End Bitcoin Price Correction; Here’s Why
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