Bitcoin Coasts Long-Term Moving Average as Investor Holdings Increase
AI.Crypto
English - September 10, 2021 11:50 - 2 minutes - 966 KBInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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The bullish market structure remains intact for the short-term, according to some.
Bitcoin is coasting on its road to recovery from Tuesday’s rocky sell-off that saw prices dip more than 18%.
The crypto is currently changing hands for around $46,840 after reaching a 24-hour top of $47,396, CoinDesk data shows. Bitcoin is up over 9% from the weekly low of $42,900 and over 61% in year-to-date terms.
“This week we saw one of crypto’s classic leverage shakeouts,” said Asher Tan, CEO of Australian cryptocurrency exchange CoinJar. “A quick 20-30% haircut across the board as over-leveraged longs were flushed out of their positions.”
Read the original article on Coindesk
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