Analysis: Bitcoin Frequently Testing 50-Day Moving Average, Showing Signs of Exhaustion in Its Uptrend

BlockBeats News, August 7th, Regarding the recent market correction, some analysts have warned that the summer doldrums will continue. FxPro's Chief Market Analyst, Alex Kuptsikevich, stated in a report on Thursday: "The support obtained in the previous peak area indicates that the market is pausing temporarily to lock in profits. However, the market downturn is causing the most active traders to hesitate, as they have now turned to very small projects.

On the other hand, Bitcoin is once again approaching its 50-day moving average. Such frequent testing of the mid-term trend signal line indicates that as the largest cryptocurrency, Bitcoin has entered into an accumulation fatigue." (CoinDesk)