Bitcoin (BTC) is defending a key long-term price floor as it recovers from Friday's three-week lows near $6,200.
After a strong bearish move last Thursday, the leading cryptocurrency looked set to pierce the 21-day exponential moving average (EMA), which has been serving as a strong support since June.
However, yesterday's rally to over $6,800 ensured that the crucial EMA support remains intact. At press time, BTC is changing hands at $6,730 on Bitfinex, having clocked a high of $7,788 yesterday. Meanwhile, the 21-month EMA is located at $6,160.
The argument that the bear market has likely run its course remains valid as long as prices are trading above the 21-month EMA.
However, while the solid bounce from the area around the crucial EMA support is encouraging, a bullish reversal is still not confirmed, as discussed yesterday.
Continue reading: https://www.coindesk.com/bitcoin-price-is-defending-one-key-support-for-the-fifth-month-running/