19.05.202110:53 Forex Analysis & Reviews: Bitcoin rally will continue as long as the rate remains above the 200 MA

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On Tuesday, MicroStrategy disclosed that it spent another $ 10 million to buy 229 bitcoins at an average price of $ 43,663. CEO Michael Saylor said the company now owns 92,079 BTC, for which it spent a total of $ 2.25 billion. The average price back then was $ 24,450.

Considering this, there is nothing to worry about on the crypto market, provided that Bitcoin remains above the 200 MA. Doing so will maintain the bullish trend in BTC. Accordingly, a drop below the level will immediately result in a collapse in the market, which is what happened with Bitcoin back in 2018. That time, BTC hit $ 20,000 and started a bear market. The downward movement lasted for two years.

Since BTC is still above the 200 MA, investors do not need to panic. However, it is understandable that some felt this way since Tesla CEO Elon Musk started expressing negativity against the cryptocurrency, not to mention China once again issued a number of prohibitive decisions against firms working in the crypto field. In view of this, the crypto fear and greed index has reached 21 points, which indicates the worries of investors, especially those who are suffering losses.

Nevertheless, the medium-term forecast for Bitcoin is full of hope. From the 200 MA, there is a chance of a quick recovery to $ 52,000, and then a sharp jump towards $ 64,000. But if Bitcoin drops below the 200 MA, its value will decline to $ 29,000, and then to $ 22,000.

Another good news worth mentioning is the announcement of London-based crypto custodian Copper. According to them, they were able to raise $ 50 million, thanks to the Series B round led by Dawn Capital and Target Global. Illuminate Financial Management, LocalGlobe and MMC Ventures also participated. This news is very beneficial because it proves that large organizations are interested in the cryptocurrency market. It certainly instills confidence in investors.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade