Hope to stay in an uptrend is not over with Bitcoin

Price analysis on July 10: Bitcoin reverts to $ 13k, recovering 85% of the damage of the latest sell-off

Bitcoin (BTC) has not performed well in the past 24 hours. After sustaining $ 6,700 on Friday, the currency unexpectedly dropped to $ 6,050 on Saturday - recording a 10% decline.

Currently, BTC has recovered a bit and is trading at $ 6,228, down 0.92% in the past 24 hours.

Bitcoin is back on the MA 200

When the price of Bitcoin was below $ 5,800 during the market crash on March 12 and 13, investors panicked. They think a further sharp decline is imminent.

Chris Burniske of Placeholder Capital, for example, recalled his interview with CNBC in 2018. Chris stated that a real retreat would begin if the MA200 week broke. But finally the MA200 week line in 2018/2019 was not broken and brought a perfect rebound for Bitcoin. But now, the MA has been broken and closed last week to below 5,500 USD. What used to be support now becomes resistance.

Surprisingly, though, over the past two weeks, Bitcoin has reclaimed this milestone decisively. The coin has bounced back above the MA200 and is ready to close the week above this critical support level.

The market still well absorbed selling pressure

Charlie Morris, founder of cryptocurrency analysis site ByteTree also recently shared that miners sold 2,788 BTC compared to 1,588 BTC. That led to an amount of $ 7.2 million worth of BTC being sold that should have been kept on ordinary days. Despite the selling pressure, the market still absorbed the amount of BTC sold. This analyst sees it as a sign of price up.

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According to BeInCrypto
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