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Chart of the Day

Bullish news against a bruising backdrop — If last week’s BTC chart were a hill you were biking on, chances are, you hadn’t had to pedal much. In another turbulent week for the cryptocurrency market, we saw the price of BTC drop sharply within a matter of days, evoking massive panic sell-off across the board. As of the time of writing, the price of BTC has recovered from a swing low of $43,000 and has been repeatedly charging towards $47,000, a key resistance level imposed by the 100 hourly moving average. Pressure from the supply side was let off a little, as miners have become more inclined to hold their coins — a bullish sign in the long term, no doubt.