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Analyst Shares Indicator Showing When BTC Will Finally Bounce

The analyst mentioned that BTC is approaching a bottom that could see its price bounce back soon.


Teddy, a professional crypto gambler, shared a technical indicator, suggesting that bitcoin (BTC) is moving closer to a bottom in its current corrections. He stated that a price bounce back will follow once the digital asset hits this bottom.

The Analysis 

According to Teddy, the 21-week exponential moving average (EMA) has historically been a support level for bitcoin during bull runs. 

Exponential moving average is a type of moving average (MA) that focuses on recent price data. It helps investors to identify trends and potential support/resistance levels in the price of an asset like BTC and ETH.

Teddy pointed out that since the bull run started, every correction BTC has faced landed on the 21-week EMA before bouncing off it. 

He mentioned that the current price of BTC is approaching the 21-week EMA again, which is currently around $61,000. At the time of writing this line, the world’s largest cryptocurrency trades at $61,141.

As per Teddy’s analysis, if history is to be repeated, the price of BTC might experience a bounce once it hits the $61,000 bottom. With BTC almost hitting this zone, market participants anticipate a price surge for the asset soon.

However, investors should note that this is just a technical indicator and does not guarantee a price rally for the pioneering cryptocurrency. Well, only time will tell if BTC will again find support at the 21-week EMA.

BTC Struggle Continues

The price of BTC has been facing drawdowns since hitting an all-time high (ATH) of more than $73,700 in March 2024. With BTC trading around $61,141 at press time, it is currently 17% down from its peak.

This performance has been attributed to poor macroeconomic data and aggressive spot Bitcoin exchange-traded funds (ETFs) sell-off. Last week, these BTC products experienced five-day net outflows, during which more than $1 billion flowed out of it.

Lucky Ebosele

Lucky Ebosele is an avid writer with over two years of experience covering cryptocurrencies and blockchain tech. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.