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Bitcoin bears managed to overwhelm bullish support at $21,000 during the early morning sell-off, which dropped the top cryptocurrency to a daily low of $20,898 before reinforcements arrived to bid it back above $21,200.Following the recovery, BTC is now trading flat on the day as noted by Jim Wyckoff, senior market analyst at Kito, who stated “Bitcoin-U.S. dollar prices are near steady in early U.S. trading Monday” in his morning brief.
Monday’s dip took BTC 8% below the 200-MA according to market analyst Rekt Capital, who posted the following chart noting that “Historically, $BTC tends to decline -14% to -28% below the 200-MA.”For those worried that this suggests further downside is in store, Rekt Capital helped put those concerns at ease by pointing out that “BTC already declined -21% below the 200-week MA in mid-June which was very much in line with historical numbers.
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