Leading cryptocurrency Bitcoin (BTC), After peaking at $69,000, it fell sharply as volatility increased.
BTC, which regressed to the $ 50,000 band in a few steps, subsequently fell temporarily up to $ 42,000.
The price, which was seriously squeezed especially due to the FED meeting, started to rise again with the positive results obtained from the meeting and the absence of an interest rate hike.
Although the Bitcoin price has increased by 1.3% in the last 24 hours, it actually exceeded the critical threshold by throwing itself above $ 48,000. So is the danger completely over?
Warning from Vays: Beware of Weekly MA50
Famous crypto analyst Tone Vays said in a statement on the subject that Bitcoin still worries him.
Emphasizing that the 50-week MA point ($47,700) is critical in Bitcoin, the analyst emphasized that this has brought the bear market before.
The analyst reminded that by falling below this, it was previously below the 200-week MA, and this point currently corresponds to $20,000.
If we break this moving average, the 200-week moving average should act as support. And this is not good at all. That would get us $20,000. The situation is not too bad at the moment, but this possibility should not be forgotten. Somehow if that happens there will be carnage and almost all of the shitcoins will be slaughtered.”
Although the analyst talked about this scenario, he stated that he still expects an increase in the medium and long term.
Expressing that especially $52,000 is the critical level, Vays stated that this level has become a solid resistance, but if it is broken, he will start the rally again.