The crypto market leader, Bitcoin (BTC), is still trading above the $20k level despite a 0.67% drop in price over the last 24 hours, according to CoinMarketCap. BTC’s price is now also down 2.19% for the week.
Its price was able to reach a daily high of $20,742.81 and set a daily low of $20,087.13. Meanwhile, the daily trading volume for BTC picked up by a significant 43.14% to take the total trading volume to $55,757,082,615.
Investors and traders in the crypto markets have been debating whether or not BTC has reached its bottom for this bear market, as a bottom for BTC will ultimately mean that a turnaround for the crypto market is near or taking place.
Weekly chart for BTC/USDT (Source: CoinMarketCap)
Looking at the weekly chart for BTC/USDT, the price of BTC has been in a two-week positive sequence leading up to this week’s candle. The price is now approaching the weekly 20 Exponential Moving Average (EMA) line.
Should BTC’s price break above the weekly 20 EMA, then it can be argued that BTC’s bottom has been established, and the crypto market will start turning around in the following weeks. A definite confirmation of a market turnaround will be when BTC’s weekly 20 EMA line crosses bullishly above the 50 EMA line.
Daily chart for BTC/USDT (Source: CoinMarketCap)
A major bullish flag has been signaled on BTC’s daily chart as the daily 20 EMA has just crossed above the daily 50 EMA. If the lines do not cross bearishly over the next two days, it could be a good opportunity for traders to enter into a long swing trade.
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