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Bitcoin price reaches $23.4K on 4.6% gains

Material Indicators reason for hope even though that crucial zone remained dubious for bulls. BTC/USD informed its Twitter followers overnight that it might not provide a long signal at the closing of the daily candle.

Rekt Capital, a trader, and analyst expressed continued concern due to Bitcoin's poor track record of converting the 200-week MA into reliable support for this bear market.

With a recent trendline recovery opening the way to additional advances, Bitcoin (BTC) recovered overnight into August 5, as reported by Cointelegraph.

BTC/USD increased by almost 4.6 percent after rebounding off a local bottom at $22,400, according to data from Cointelegraph Markets Pro and TradingView.

As per Cointelegraph, the pair had reversed course just at crucial bid support on the significant exchange Binance, helping to prevent a more significant loss of the 200-week moving average (MA), which is currently at $22,800.

Recovery of the 21-period MA on the daily chart gave on-chain analytics resource Material Indicators reason for hope even though that crucial zone remained dubious for bulls. BTC/USD informed its Twitter followers overnight that it might not provide a long signal at the closing of the daily candle.

Rekt Capital, a trader, and analyst expressed continued concern due to Bitcoin’s poor track record of converting the 200-week MA into reliable support for this bear market.

Trading company QCP Capital, which stated in its most recent market report issued to Telegram channel users that the overall picture was “quite mixed,” was also cautious in its pricing prediction, Cointelegraph said.

According to QCP, the monetary policy of the US Federal Reserve will be a key market-moving factor going forward due to complex macro factors. It stated that Fed Chair Jerome Powell has not reached agreement on the timing and extent of upcoming significant interest rate hikes.

Concerns about a controversial hard fork of the network were also growing as the Ethereum Merge approached in around a month.

“The ETH merging that is slated to take place in September is the more acute and immediate concern in the crypto markets,” QCP added.

Markets had already “started to price in the potential of a substantial hard fork,” it was further said.

(With inputs from Cointelegraph)

Also Read: Dorsey’s Block slows hiring, investment as bitcoin plunge slams earnings

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