Thursday, July 8, 2021

Will Bitcoin plummet again?

Has Bitcoin bottomed out?

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Hi Crypto Academy Network,

Bitcoin had an eventful first half in 2021. Institutional adoption boosted its price above £47,000 in mid-April but the law of gravitation pulled the price down to £20,000 in mid-May, a 57% drop from the highs. Since then, the price has remained range-bound. The big question troubling investors is whether the downtrend is over or is there one more leg down.

Bitcoin is currently stuck between the 50-day simple moving average (SMA) and £23,620. Although the bulls pushed the price above the 20-day exponential moving average (EMA) on July 4, they could not clear the hurdle at the 50-day SMA. This shows that the bears are not ready to throw in the towel yet.

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