Bitcoin (BTC) is retaining this week’s gains, with some traders doubling down on their bullish BTC price bets.
Trader: Bitcoin price may have bottomed
A key moving average is buoying low-timeframe BTC price action, which continues to preserve $27,000, data from Cointelegraph Markets Pro and TradingView shows.
Bitcoin may have retraced from its local highs above $28,000, but bears have not yet sparked a full retrace of the move.
For some, this is increasingly positive news, as BTC/USD is now successfully holding a long-term trend line lost as support earlier in August.
This comes in the form of the 200-day exponential moving average (EMA), currently at $27,180.
Some hourly candles closing below into Aug. 31 were not enough to spark a more significant breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August monthly close.
“Bitcoin is back above the daily EMA 200-Line,” popular trader Moustache told X subscribers.
“A lot of people are waiting for a better entry, but I don’t think it’s going to happen.”
