Bitcoin tests 50 day MA. Key barometer for buyers/sellers


50 day MA has a history of some price action around the level

The price of Bitcoin is train around the $57,000 level. That is right around the 50 day moving average currently at $56,925. 

The 50 day moving average has been a pretty good barometer for buyers and sellers on the daily chart. ON the move to the upside, the corrective moves stalled near that moving average level before bouncing higher on a number of occasions. 

On the move back to the downside in April, breaking below the 50 day moving average helped to tilt the buyers more to the downside.

The low price on the recent corrective move lower did stall against the 50% retracement of the move up from the 2021 low back in January.  That retracement came in at 46,847. The low reached around 47,000 and bounced.

See also  Just HODL! Bitcoin and Ethereum outperform ‘lower risk’ crypto index funds

Now with the price bouncing up toward the 50 day moving average it is a key test and barometer for the buyers and sellers

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