Bitcoin News
- Bitcoin’s price has been trading below the 200-day SMA for more than 79 days.
- The 1-day chart also shows a Rising Wedge pattern, which is a bearish sign.
- Data from Glassnode suggested that the number of bitcoins on exchanges is decreasing.
Bitcoin’s price has been trading below the 200-day Simple Moving Average (SMA) for the past 79 days and counting. This is even longer than the 2021 accumulation period, which set the stage for the Q4 rally leading to Bitcoin’s all-time high (ATH) price of $69,000.
As seen on the chart above, Bitcoin price has been below the 200-day SMA for quite some time. The price is struggling to return to $45,000, although it has again breached the $40,000 psychological resistance. At the time of writing, Bitcoin is at $42,166.52, according to CoinGecko.
The chart also showed the Rising Wedge pattern, which signals a trend reversal. However, this pattern typically invites bearish sentiment.
On the bright side, today’s candlestick is trading above the 50-day SMA. Also, data from Glassnode reveals that long-term holders are still accumulating bitcoins and that the number of bitcoins on exchanges is decreasing.
Glassnode interpreted the data as an indication that the capitulation period is coming to an end. This means that the number of bitcoiners that are liquidating their positions is decreasing significantly.
In other news, El Salvador announced the postponement of its much-anticipated bitcoin bond. Instead, the country is looking to sell the bitcoin bonds in September.
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