BTC price centers on the 200-week exponential moving average, while analysts warn that Bitcoin and risk assets are in danger from a surging dollar.
“The change should help MicroStrategy and other companies that hold digital assets to eliminate the poor optics that have been created by impairment losses,” said analysts from Berenberg Capital.
BTC price action reflects a tug-of-war between weak bulls and bears, but Bitcoin breaking down is firmly on the cards.
Bitcoin SLRV Ratio data performs a moving average crossover absent since before the FTX implosion hit the market.
The BitMEX co-founder says Bitcoin has been on a bull run since the Fed’s $25 billion dollar program aimed at stabilizing the U.S. banking system.
Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown.