$BTC's defence of the 200-week simple moving average signals sustainability of the long-term bullish trend, one analyst said. Reports godbole17.
U.S. dollar surged against the basket of fiat currencies last week, putting pressure on risk assets, including bitcoin . The leading cryptocurrency, however, held on to key support in a positive sign for the market.
"By defending this key average, the bulls have convinced the market of the sustainability of the long-term bullish trend," Alex Kuptsikevich, senior market analyst at the FX Pro, said in an email. Some observers expect the dollar to continue moving higher, keeping gains in cryptocurrencies under check.I think the dollar is due for a bounce as markets take back some FED easing implied in the futures curve. My fundamental FX framework: currencies are driven by real growth differentials and political considerations over longer cycles, but in the short term, it’s all about playing relative central bank policy .
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