Is Bitcoin (BTC) Heading the Right Direction Thursday?

Thursday, May 19, 2022 01:18 PM | InvestorsObserver Analysts

Bitcoin receives a strong long-term technical score of 73 from InvestorsObserver's research based on historical trading patterns. The proprietary scoring system weighs price movement from recent months to a year, analyzes the coin's support and resistance levels, and where it is relative to long-term averages to determine whether it's a strong buy-and-hold investment opportunity. BTC currently holds a superior long-term technical analysis score than 73% of cryptos in circulation. This ranking metric is most useful to buy-and-hold type investors looking for strong steady growth when allocating their assets. coins with a high long and short-term technical score can help indicate assets that have bottomed out, providing investors a chance to 'buy the dip'.

InvestorsObserver is giving Bitcoin a 73 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Bitcoin!

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Trading Analysis

Bitcoin's price is -$9,938.8500000 (-24.83%) below its 100-day moving average price of $40,027.840000000 as its price at the moment sits at $30,088.990000000. Additionally, BTC is $3,738.5000000 (114.15%) higher than its 52-week low price of $26,350.490000000 while -$38,700.63000000 (43.73%) under its 52-week high of $68,789.630000000. The current trading price in relation to its long-term average along with its 52-week high and low, gives BTC a strong long-term technical score of 73. Long-term trading movement of Bitcoin suggest that investors are neutral on the coin at the moment. Bitcoin has a total market value of $573,018,580,070.95 with an high average daily volume of $158,818,412,414.63 worth of the currency exchanged over a typical 24 hour period. As of the past 24 hours, BTC's volume is below its average with $33,584,313,949.01 exchanged in total. This coin's subclass Digital Money: Digital Money is an asset, commodity, or currency intended to maintain value and liquidity over time so that it may be used the same way fiat currencies are used.

Summary

BTC's historical trading over the past year gives it a a strong long-term technical score of 73 as its price movement in that time has given investors reason to be neutral on the coin in the long-term. Click Here to get the full Report on Bitcoin (BTC).