For the past few days, the Bitcoin price has been demonstrating a slight growth. Earlier this morning, it hit the price level of $8,582 as per Coinstats data. This may have happened due to the trading volume of Bitcoin futures on Bakkt picking up steam, totaling 224 BTC in one day recently. Market participants have taken this as a positive sign.
However, a Forbes contributor and technical analyst on crypto, Naeem Aslan, believes that things here may radically change soon, as the 50-day SMA is about to drop under the 100-day SMA.
This may be a sign of the Bitcoin price going bearish again, for longer this time, he believes.
At press time, the Bitcoin quotes are showing a rise by 4.65 percent. This is third biggest increase on the top ten scale after Bitcoin SV (+5.87 percent) and Ethereum (+5 percent).
What is your forecast on further movement of the Bitcoin price? Share it with us in the comments section!