Bitcoin On The Move

As the cryptocurrency market is recovering, Bitcoin is again taking the lead as one of the most appreciated assets in this asset class, the cryptocurrency industry. Bitcoin dived below the 200SMA giving birth to rumors that the whole market is crashing only to recover and to bring back positivity into the space.

Bitcoin dived under $6,500 to a low of $6,440 and is now trading at $9,200 less than three weeks after the bottom.

According to Dan Morehead, founder and CEO of Pantera Capital, one of the largest cryptocurrency hedge funds, Bitcoin flashed a rare buy signal when it went below the 200SMA.

The cryptocurrency market is the newest asset class in more than a decade. No one actually knows if it will stick around, but if it does, it would be well worth it to invest in it now.

Chart: BTC/USD H4