Bitcoin may seek 20-month trend line reclaim before new record highs: CryptoQuant
BTC when published $82,139Now $80,577 ▼ −1.90% since it was published
Bitcoin’s market cycle signals tool showed BTC price action copying history, possibly preparing to reclaim a key moving average before testing new highs. Bitcoin is attempting to break through an “inflection frontier” that has historically triggered runs to new macro highs. Data from onchain analytics platform CryptoQuant reveals that BTC/USD has begun a fresh battle with its 20-month simple moving average (SMA). The 20-month SMA, at $87,165 as of Oct. 16, is the trend line around which the popular Bollinger Bands metric is constructed. This in turn forms the basis for CryptoQuant’s market cycle signals tool, which seeks to pinpoint Bitcoin’s position within its market cycle. Bollinger Bands uses standard deviation to add an upper and lower band around the 20-month SMA. Currently, these sit at $121,640 and $52,694, respectively.
First reported by Cointelegraph. This page is a short excerpt; the full text is theirs.
