The new TradingView shows BTC moving towards its strong technical support, near the 50-week moving average. In addition, the point has generally acted as the reversal point for several assets in the uptrend.
This is not the first time Bitcoin has reached the support indicator, where it was trading in September. However, the crypto has failed to reach the line and recover back quicker than expected. The most recent test of the indicator appeared around July, when Bitcoin lost over 45% of its gained value.
After the crypto experienced a short consolidation near the indicator, Bitcoin started recovering as quickly as it retracted. The trend took the crypto around 51,000 dollars in less than eight weeks. Generally, if such strong support with the 50-week moving average fails, any asset tends to maintain the ongoing trend, continuing the movement before meeting the technical support.
Similar trends appeared in May 2018 when Bitcoin dropped below the 6,500 dollars mark. This is the exact amount where the 50-week moving average fluctuated. Ever since then, Bitcoin has dropped, even more, meeting its lowest since September.
The popularity of Bitcoin is surreal, as proved recently by Cardi B and Jack Dorsey (former Twitter CEO.) The duo talked about how BTC can replace the USD in the future, showcasing their unwavering support.
The Twitter conversation between the duo sparked a string of opinions, both supportive and critical. Even Billy Markus, the Dogecoin co-founder, joined the thread, sharing Dogecoin’s stability compared to the USD.
With such immense support globally, the largest crypto is expected to make an inevitable comeback. Even Light, the renowned trader, believes that Bitcoin will turn things around in January.