Bitcoin is nearing its 200-week moving average, but traders are still highly suspicious of the bullish BTC price action. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD battling bears to reach $22,790 on Bitstamp overnight, its highest since August.
With new multi-month peaks coming in quick succession despite fears of a major correction, Bitcoin continues to surprise as traders cleared the way for more upside. However, some analysts believe the current rally may be a “dead cat bounce” and urge traders to prepare for the worst.
Attention is now focused on the upcoming weekly close for BTC/USD, which if current prices are sustained would be its best since mid-August. The weekly close will be crucial in determining the direction of the market in the short term. Traders will be closely watching to see if the current price action is sustained or if it is just a temporary spike before a correction.
Read more at cointelegraph.com
