As the bull rally continues, some Bitcoin technical indicators may suggest the biggest BTC buy signal since April 2020 is here. Bitcoin Closes Above 21 Week MA And 200 Day MA As pointed out by a CryptoQuant post, the cryptocurrency has made a weekly close above the 21-week and 200-day moving averages (MAs). The Bitcoin moving average is a method used to smooth out the price data by taking the average price over a specific period of time. For the 21-week MA, data from the past 21 weeks is used, while for the 200-day MA, prices from the last 200 days are used. This method “smooths out” the price curve in the sense that it eliminates the many small up-down fluctuations of the price that aren’t relevant to long-term analysis. This results in a easier to look at curve without any sudden spikes. Related Reading | By The Numbers: What $10 In Bitcoin Each Day Would Net Investors Now, here is a chart that shows how the current BTC price stands against these two indicators: BTC price finishes above the 21-week and 200-day MAs | Source: CryptoQuant As the above chart shows, Bitcoin’s price has closed above the two indicators, flashing a buy signal not seen since April 2020. The current price trend might also suggest that the coin is following the “Wyckoff Accumulation” pattern. In short, the Wyckoff Accumulation curve forms when Bitcoin enters a period of consolidation in a trading range. Rig...
