Crypto Analyst: The Last Time Bitcoin Broke This EMA Resistance, the Price Pumped

3 months ago 23
  • BTC price broke its current EMA resistance
  • Can Bitcoin price pump after breaking the EMA resistance?

A crypto analyst said that the last time Bitcoin broke this EMA resistance, the price pumped over 700%. Let’s note that Bitcoin dropped to downside pressure over the last weeks with a grueling sell-off that saw it drop to as low as $30,000.

The move to the downside was triggered by Elon Musk’s tweets and the China Bitcoin mining ban. As a result, the bitcoin price has lost more than 30%, dragging down the entire crypto market.

Although Bitcoin was facing some resistance, it returned above the 100-day moving average the last days. However, BTC broke above first resistance at $36,000 after a near 13% rise on Wednesday. Also, last night, it broke the second resistance at $40,000.

More so, this triggered some crypto analysts to react to the above said. A crypto analyst then tweeted to her 100k followers saying:

The last time BTC broke this EMA resistance on the daily, the price pumped over 700%. We’re testing that EMA resistance again now…

The analyst tweeted this morning amid market recovery. Moreover, many people reacted to her tweet. An account with the name abbuuniverse said that it was a bull market, so momentum was different compared to now. Also, another one said that this would be amazing, and then the launch can go smoothly and not have BTC dump.

According to CoinMarketCap, Bitcoin is trading at $39,380.94 with a 24-hour trading volume of $43,165,107,948 at the time of writing. This means BTC is up by over 12%.

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