This Simple Indicator Implies Bitcoin Price is Nearing Macro Bottom

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By Nick Chong

Bitcoin bottom


 Is the bottom in? Since Bitcoin (BTC) fell precipitously to $6,600 late last month, analysts have been asking if the leading cryptocurrency has finally found a price bottom after a multi-month downturn.


Analysts have understandably divided over the question, as the correct answer would show in which direction Bitcoin will head for the next couple of months. Some are bullish, others are bearish.
A simple moving average observation has made a cryptocurrency trader conclude that the “bottom is probably not that far away.” Here’s why.

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