Bitcoin price holds 200-day trend line as trader predicts low is in
Bitcoin (BTC) is retaining this week’s gains — and some traders are doubling down on their bullish BTC price bets.
A key moving average is buoying low-timeframe BTC price action, which continues to preserve $27,000, data from Cointelegraph Markets Pro and TradingView shows.
Bitcoin may have retraced from its local highs above $28,000, but bears have not yet sparked a full retrace of the move.
For some, this is increasingly positive news, as BTC/USD is now successfully holding a long-term trend line lost as support earlier in August.
This comes in the form of the 200-day exponential moving average (EMA), currently at $27,180.
Some hourly candles closing below into Aug. 31 were not enough to spark a more significant breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August monthly close.
“Bitcoin is back above the daily EMA 200-Line,” popular trader Moustache told X subscribers.
That perspective contrasts strongly with the slew of more bearish market takes from various well-known sources, many of which call for a return to $25,000 or lower.
Still optimistic, however, is fellow trader Jelle, who likewise placed significance on Bitcoin holding above $27,000.
“This is exactly what I want to see after an impulse. Spike up, shallow retrace, hold at key HTF level. Send it higher,” he summarized on Aug. 30.
A subsequent update revealed plans for longs in preparation for BTC/USD “taking out” local highs.
As Cointelegraph reported, BTC price action has yet to reclaim some other bull market moving averages from earlier in the month.
Related: Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor
Trader and analyst Rekt Capital, cautious in the current climate, noted overnight that some of these are now acting
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