100 Day MA seems to be holding strong. Possible Bull Run Ahead!
BTC is currently accelerating upward from the 100 day Moving Average. This marks the 7th time this level has been challenged since Sept 20th, and this looks to be the 7th time the Bulls have pushed back hard. BTC is up over 3% since that challenge a few hours ago. If we see a break from this uptrend, especially above $43,000, the 200 then 50 day is very soon after. After that, we're counting resistance levels above, and the 100 day will have been confirmed as strong support.
Notably, this space also happens to mark the bottom end of the uptrend from the COVID crash. Redundant support looks good, but this very young trend reversal will have to survive the risk appetite of the global markets over the next few days. That will be a challenge for the Bulls, but the Bears may be exhausted at this level.
Finally - Apparently around 80% of wallets are now considered "Diamond Hand" long term holders. Additionally, while "Whale" wallets have decreased in number during this downturn, the amount of BTC held by these Whales has increased, meaning the big guys (institutions and mega rich) have been accumulating much more than selling. If things swing back up, retail investors could cause a FOMO rally.
Lots of speculation and what-ifs, but we've seen this movie before. Could go up or down, but right now its looking more bullish than it has in a few days at least.
Notably, this space also happens to mark the bottom end of the uptrend from the COVID crash. Redundant support looks good, but this very young trend reversal will have to survive the risk appetite of the global markets over the next few days. That will be a challenge for the Bulls, but the Bears may be exhausted at this level.
Finally - Apparently around 80% of wallets are now considered "Diamond Hand" long term holders. Additionally, while "Whale" wallets have decreased in number during this downturn, the amount of BTC held by these Whales has increased, meaning the big guys (institutions and mega rich) have been accumulating much more than selling. If things swing back up, retail investors could cause a FOMO rally.
Lots of speculation and what-ifs, but we've seen this movie before. Could go up or down, but right now its looking more bullish than it has in a few days at least.
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