Bitcoin’s Astonishing Comeback
Bitcoin (BTC) has been riding a rollercoaster of ups and downs, and this week it’s clearly decided to throw its hands up and scream in delight. With prices soaring over $2,000, nearly 12% increase overall, BTC/USD has bounced back to heights not seen since early May. At $22,401 on Bitstamp, it’s like that kid who aced the test everyone thought they would fail. But will this surge last, or is it just a sugar high?
The 200-Week Moving Average: A Crucial Milestone
Having kissed the 200-week moving average (MA) with a flourish, Bitcoin is at a crucial crossroads. This average has been a formidable foe for Bitcoin, holding it captive in bear market territory lately. Currently, BTC is balmy around $21,400—close, but no cigar. According to crypto analyst Michaël van de Poppe, we might see a retest around $20.7K before the bulls gather their strength and make another attempt. Like a classic underdog story, will this plucky cryptocurrency overcome the odds?
Market Sentiment: From Fear to Fervor?
The emotional climate of the crypto market had been akin to a soap opera, swirling with drama. However, the Crypto Fear & Greed Index recently hit a high not seen since May 7, inching toward the
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