Here’s how Bitcoin’s 21-week EMA could kickstart the next bull run

Bitcoin’s price action over the past few weeks has done little to offer investors with insights into its near-term trend.

BTC has formed a relatively wide trading range between $10,200 and $11,200, with both of these levels being confirmed as areas of heightened buying/selling activity.

The aggregated market’s near-term outlook remains somewhat foggy, as all eyes are closely watching to see what happens to BTC. This has led altcoins to trend lower as of late.

One analyst is now pointing to Bitcoin’s 21-week EMA, explaining that its ability to continue holding above this crucial level is incredibly bullish.

Here’s how Bitcoin’s 21-Week EMA Could Kickstart the Next Bull Run

This consolidation has all taken place above Bitcoin’s weekly 21 EMA, which is a positive sign that seems to indicate that upside could be imminent for the cryptocurrency.

Wolf, a popular analyst noted that this could suggest that BTC will never close beneath $10,000, and will soon begin its next major ascent.

“In the last bull market BTC kept holding the Weekly 21 EMA. Has the bull market started? If this is the case we will never close below 10k.”

Bitcoin remains stuck below its key MA-200

One level that has consistently, throughout history, proven to be trend-defining is the 200-day moving average.

Sustained bouts of trading above, or below, this level has contributed to assets like Bitcoin seeing multi-year trends.

At the present moment, Bitcoin is trading below this level,  an another popular analyst on Twitter TeddyCleps noted that a break above it is imperative for the crypto’s near-term outlook.

“Bitcoin’s only enemy is the 200ema – resistance of cloud. Let’s break above please, I miss the smell of financial freedom”, he tweeted.

Where the entire market trends in the coming few days and weeks may hinge solely on Bitcoin’s reaction to this crucial technical level.

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