In the last 24-hours, the world’s largest cryptocurrency Bitcoin has registered a major bounce back! As of press time, Bitcoin is trading 8% up at a price of $22,108 and a market cap of $422 billion.
While Bitcoin has been under major selling pressure over the last three months, the supply of Bitcoin at the exchanges has been on a decline. As on-chain data provider Santiment reported:
Bitcoin dominance is back on the menu on a healthy Thursday price surge. We’ve seen $BTC continue to moving from exchanges for nearly 4 years, and this trend hasn’t stopped even with the 8-month price retrace. Meanwhile, $USDT buying power is rising.
While the on-chain indicators are hinting at a bullish momentum, we need to see what the technicals have to say. On the four-hour technical chart, Bitcoin (BTC) has faced a rejection at 200 EMA and this could very much turn out to be a dead cat bounce.
#bitcoin getting rejected at 200 EMA on the 4 hour. pic.twitter.com/oBApXNWgMT
