Bitcoin Price Holds 200-Day Trend Line as Investor Predicts Low is in Web 3.0
Bitcoin price holds 200-day trend line as trader predicts low is in

Bitcoin (BTC) is maintaining its gains from earlier this week, with some investors further increasing their bullish outlook on the cryptocurrency’s price. With the rise of web 3.0, many are curious about key components of the technology and how to invest in it. Crypto is a major part of web 3.0, and understanding the history of web 1.0, 2.0, and 3.0 can help investors make informed decisions about their investments.

Trader: Bitcoin price may have bottomed

The 200-day exponential moving average (EMA), currently at $27,180, is providing some support for the low-timeframe BTC price action, which continues to remain at $27,000, according to Cointelegraph Markets Pro and TradingView data.

Bitcoin may have declined from its peak above $28,000, but the bears have yet to cause a full retrace of the move.

The 200-day EMA has been acting as a key support level for BTC/USD, which was lost as support in early August.

Moustache, a well-known trader, commented on this to his X subscribers: “Bitcoin is back above the daily EMA 200-Line.”

In contrast, there have been many bearish market takes from different sources, which predict a return to $25,000 or lower.

However, Jelle, another trader, is still optimistic and has given importance to Bitcoin staying above $27,000.

“This is exactly what I want to see after an impulse. Spike up, shallow retrace, hold at key HTF level. Send it higher,” he said on Aug. 30.

He then followed up with plans to open long positions in anticipation of BTC/USD surpassing its local highs.

BTC price outlooks diverge

As Cointelegraph reported, the BTC price has yet to return to some of the bull market averages from earlier this month.

Reacting to this, trader and analyst Rekt Capital expressed caution, noting that these averages are now acting as resistance.

Material Indicators, a monitoring resource, also warned that Bitcoin could come full circle and that a “resurgence in bullish sentiment” is needed for a higher local high.

In line with signals from its proprietary trading tools, Material Indicators identified $27,760 and $24,750 as the levels to watch for the upside and downside, respectively.

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As web 3.0 becomes increasingly popular, understanding its key features and components is essential for those looking to invest in the technology. With its roots in web 1.0 and 2.0, web 3.0 is a revolutionary step forward, and its history is worth exploring in order to understand how to get into it. AI-powered article writers can provide a unique insight into the world of web 3.0 and crypto, helping you make informed decisions.

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