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opportunity to launch the next bull market. advertisement Key market-moving events last week such as the release of the Federal Open Markets Committee (FOMC) meeting minutes implied that further rate increases were necessary to control inflation in the US. On top of this came news that Elon Musk’s SpaceX had written down $377 million in Bitcoin , which caught the market by surprise, and triggered a sell-off following a period of record low volatility. BTC Price Sinks Below Bull Market Moving Averages Bitcoin is trading below all the moving averages, considered to be necessary for the bull market by analysts like Rekt Capital. The indicators in question are the 21-week Exponential Moving Average (EMA), the 50-week EMA, and the 200-week EMA. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

Bitcoin boasts $582 billion in market capitalization, with the digital asset’s cumulative losses in the last seven days amounting to 1.2%. advertisement Bitcoin Price Moves In Tandem With Momentum and Narrative Traders Apart from a select group of altcoins that have been rallying including XRP, XLM, ADA, and SOL, the crypto market is quiet and lethargic. These tokens are outperforming their peers as investors seek exposure following Ripple’s partial win in the long-standing legal battle with the Securities and Exchange Commission (SEC). “In short, we’re seeing a return of investors that had previously been spooked by recent regulatory measures,” Markus Levin, co-founder of XYO Network said in a written statement to CoinDesk. According to the managing Partner of Web3 investment fund Generative Ventures, Lex Sokolin, the lethargy being witnessed is the cyclical nature of the largest crypto. He argues that Bitcoin price ...