BitcoinLong
Bitcoin Breaks 200-day SMA as Halving Approaches
Only 11 days remain until Bitcoin’s halving event, and now the price is starting to move. BTCUSD had textbook breakouts on both the hourly and daily charts overnight.
Prices spent almost a week trapped below the $7,400 - $7,800 range, a key zone from the consolidation period of March 9-11.
The crypto giant formed a classic bullish triangle, making higher lows as it squeezed against that area. It started breaking it around 10 p.m. ET. BTCUSD crept higher overnight, with volume increasing as it went.
This puts the trend line from the June and February highs in play. It’s currently around $9,500.
Remember that BTCUSD crashed in March because of leveraged players unwinding – not a surprise given the unprecedented implosion in credit markets as coronavirus lockdowns swept the global economy. Even then, BTCUSD proved resilient by staying above $4,000. It even made a slightly higher low versus late 2018. The same cannot be said of the
S&P 500, the 
Dow Jones Industrial Average or the 
Russell 2000!
The market also prepares for the current halving event with more participants than ever. The number of Blockchain wallets globally has more than doubled since the last crypto peak in late 2017. In other words, you have less supply (thanks to halving), but more potential buyers.
Prices spent almost a week trapped below the $7,400 - $7,800 range, a key zone from the consolidation period of March 9-11.
The crypto giant formed a classic bullish triangle, making higher lows as it squeezed against that area. It started breaking it around 10 p.m. ET. BTCUSD crept higher overnight, with volume increasing as it went.
This puts the trend line from the June and February highs in play. It’s currently around $9,500.
Remember that BTCUSD crashed in March because of leveraged players unwinding – not a surprise given the unprecedented implosion in credit markets as coronavirus lockdowns swept the global economy. Even then, BTCUSD proved resilient by staying above $4,000. It even made a slightly higher low versus late 2018. The same cannot be said of the
S&P 500, the Dow Jones Industrial Average or the Russell 2000!The market also prepares for the current halving event with more participants than ever. The number of Blockchain wallets globally has more than doubled since the last crypto peak in late 2017. In other words, you have less supply (thanks to halving), but more potential buyers.
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