Bitcoin prices have remained tightly rangebound since their return above the psychological $60,000 level on May 3.
The analyst said that we were in a bull market because the 200-week and 50-week moving average trends were rising.Additionally, the 200-day moving average hit an all-time high this week of above $50,000. Bitcoin pioneer Anthony Pompliano observed this, saying:Zduńczyk added that the technical indicator was now a support level at this price.
Fellow analyst and trader “Crypto Caesar” observed that there is an arguable case that Bitcoin is forming a large cup and handle pattern on the weekly timeframe.
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