Bitcoin Recovery Streak Falters at 50-Day Moving Average

  • Bitcoin’s initial price recovery seems to have hit a snag. 
  • The BTC price fell after failing to retake the 50 day moving average. 
  • Presently, the price of Bitcoin (BTC) is staggering closer to below $21,000.

It seems the crypto sector popped their champagne bottles a little too early last week, at least, it seems so according to Lark Davis. The popular crypto investor and trader highlighted Bitcoin’s (BTC) feeble attempt at recovery on Twitter.  

As we can see from the tweet above, Lark Davis mentions how the recent surge in the price of Bitcoin (BTC) is already falling. Indeed, it seems the celebratory streak of Bitcoin last week is slowly wearing off. 

This short-lived moment is hard for those who were hoping for a closer end to the ongoing crypto winter. Unfortunately, many are instead pointing out how the gains made over the last week with the price spike for Bitcoin (BTC) and other altcoins is already lost.

In detail, Lark Davis says that Bitcoin (BTC) was unable to keep pace with its attempt to retake the 50 day moving average. No doubt, this is unfortunate news and the crypto community should continue to huddle around their holdings and wait till crypto winter passes for good. 

For when that is likely to happen, some expect possibly the end of 2022 or the start of 2023. Meanwhile, others say it could quite possibly take a year longer than that. Reasons for this could pertain to the ongoing financial crisis and inflation or due to the Russia-Ukraine war. 

On the other hand, some blame the drop on Tesla’s decision to sell 75% of their Bitcoin (BTC) holdings. Adding on to the conversation, others are speaking of the tug-of-war mentality caused by the actions of Bitcoin whales. 

For instance, one whale moved 132,000 BTC to trigger FOMO or FUD strategies. The price of Bitcoin (BTC) is presently $21,109, according to CoinGecko. Suffice to say, we will simply have to wait and see where the price will waver to next.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.