What’s Next for Bitcoin? – Bitcoin Magazine #Whats #Bitcoin #Bitcoin #Magazine Welcome to JibGlobe, here is the new resources we have for you today:
The below is a free, full excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
In today’s Bitcoin Magazine Pro, we will cover the historically significant 200-week moving average as well as cover the weekend price action and derivative market movements.
Bitcoin is currently below its 200-week moving average, which has only happened four times throughout bitcoin’s history, marking significant cyclical bottoms, but none have occurred during the unique economic situation we find ourselves in today. Although today and this past weekend likely will look like prime accumulation opportunities five years from now, it’s difficult to conclude that the worst is over and it’s up only from here, with potentially more cryptocurrency-native contagion and macro headwinds ahead. Regardless of the ugly macroeconomic backdrop (which the market has undoubtedly been pricing in for the last six months), a simple look at the 200-week moving average to build a framework for bitcoin accumulation has served past market participants extremely well.
Derivative Market Shenanigans
Our issues last week were entirely focused on the cryptocurrency-native contagion taking place, as industry-wide panic occurred on whether various counterparties were solvent, and whether funds on various platforms were safe for users/depositors.