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Last time this indicator flashed, Bitcoin rose close to 100%

Traders are once again hoping for a bullish run as a new streak of green spreads across the crypto market. Interestingly, the 50-DMA indicator shows that the cryptocurrency may be in good shape for further gains. Bitcoin rose to $45,500 today for the first time since January 5 as the cryptocurrency market managed to reclaim $2 trillion. While BTC failed to sustain the USD 45,000 levels and is currently trading slightly below the USD 44,000 region, the leading cryptocurrency flashed an indicator last seen for a massive rally last year. Yesterday, BTC closed above the 100-day moving average (DMA), an indicator that things are looking good for the asset again. A moving moving average (DMA) is a type of moving average (MA) indicator that helps determine trend directions. If the price closes above the MA, it is above the average, which could be a sign of an uptrend. However, when the price closes below the MA, it indicates a downtrend. The last time bitcoin closed above 100-DMA was in July, just before bitcoin rose nearly 100% from the $35,000 region. Commenting on the matter was a popular crypto analyst. the last time we got a nice close above 100 dma was in july which was the start of a close to 100% rally so things are definitely starting to look good again imo.#btc /q4ZNKgFRKq — Bluntz (@ SmartContracter) February 8, 2022 Vijay Ayyar, head of Asia-Pacific at Luno Pte, believes the next stop for the leading cryptocurrency is $46,000 to $47,000. “Bitcoin has broken some key levels and a downward trendline here in recent days and is showing signs of bullishness. It is capped by the 50-DMA and should close above it. The next stop from here is $46,000 to $47,000,” said Ayyar SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures first month (Terms). PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get 25% discount on trading fees.
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