Bitcoin Boom or Pullback ??
Bitcoin has seen a retracement and now all eyes are on the?50-day moving average. Time to “sell in May and walk away”? Or are we at the beginning of a renewed pump? On April 14th, the price of Bitcoin was at a 10-month high of $31,000. After this, the price experienced a pullback of 11% to new local lows at around $27,000.
The question right now is whether Bitcoin is primed to break above $30K and stay there, or if it’s ready for a retracement in the low $20,000 range. We’re still a year away from the Bitcoin halving, so this is still technically the bear market. That means a pullback lower than the price is right now wouldn’t be out of the question.?
The 50-day moving average is being tested this week, and if it manages to stay above this level that could be bullish for Bitcoin. If it falls below, however, then we could see a drawdown in price, with the overall crypto market plummeting along with it. What happens? Eyes on the charts, because that remains to be seen.