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Benzinga
Benzinga
Business
Madhukumar Warrier

Will Bitcoin Take Out Yearly Open Or Is It Still In Search Of A Bottom? Here's What The Experts Are Saying

As Bitcoin (CRYPTO: BTC) traded higher as of Monday evening, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.

What Happened: Cryptocurrency analyst Justin Bennett said it was time for Bitcoin to take out the yearly open at $46,200.

He added that U.S. dollar index’s (DXY) move to below 95.13 would be bearish and allow cryptocurrencies to strengthen.

Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin remains well below the bull market support band.

“The point is when we go below the bull market support band, it usually takes a while before we actually have a realistic shot at getting back above it,” Cowen said.

The analyst noted that the 20-week SMA (Simple Moving Average) for Bitcoin is at around $50,700, while the 21-week EMA (Exponential moving Average) is around $46,300.

See Also: How To Buy Bitcoin (BTC)

Pseudonymous analyst Altcoin Sherpa said he does not believe Bitcoin has touched a bottom and was waiting to see where the apex cryptocurrency’s next lows will be printed.

The analyst said on his YouTube channel it was entirely possible that the $34,000 to $35,000 range is the bottom for Bitcoin since the area is a high-volume node and a “pretty decent area” to fund support at.

Another pseudonymous analyst Credible Crypto said Bitcoin could move to the $45,000 to $47,000 region without filling the CME gap if it reclaimed the level below $42,625.

Price Action: Bitcoin is up 3.5% during the past 24 hours, trading at $43,721.83 at press time.

Read Next: Canada Invoking Emergency Rules Means Bitcoin, Ethereum, Dogecoin Can Also Be Seized

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