Just days ago, Bitcoin was trading at $9,800, just days away from decisively passing $10,000. Now, the cryptocurrency is trading at $9,200, having collapsed on the back of fears of Satoshi Nakamoto dumping his cryptocurrency.
Bitcoin price chart from TradingView.com
It’s a drop that has had some investors fearing the worst.
Yesterday, for instance, Bitcoin closed below a key technical support level: the middle Bollinger Band, which is the 20-day moving average. AI and Cloud specialist at Microsoft Joe McCann, who moonlights as a popular crypto trader, wrote on the matter:
“A close below $9287 for BTC would be bad for bulls, that’s the 20 day.”
Yet a number of on-chain and fundamental trends have indicated that the cryptocurrency’s outlook remains strong.
Bitcoin Is Still Bullish, On-Chain Indicators Confirm
Despite the recent…
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