- However, technical analyst and trader Willy Woo does not believe that the flagship cryptocurrency’s immediate future is quite so rosy.
- Woo, on the other hand, cited several proprietary technical indicators that paint a somewhat darker picture, at least in the near-term.
- Moreover, he said that Bitcoin Network Momentum (BNM) has yet to ramp up, which one would expect to see ahead of a bull cycle.
- The cryptocurrency will break above its 200-Day Moving Average (DMA) since these moves have historically signified a shift from bear market to bull.
- As of the time of writing, bitcoin was priced at $6,307 on Coinbase, up from an intraday low of $6,252. The overall cryptocurrency market, meanwhile, had a cumulative valuation of $212 billion
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