Bitcoin has initiated an explosive rally after finding support amid the $16K price level. Since then, BTC surpassed the 100-day and 200-day moving averages at $18K and $19.6K.
After a prolonged downtrend, the price breaking above the 200-day moving average is a substantial bullish sign for the market. If the bulls maintain the MA-200 level, adequate demand will likely return to the market, and the sentiment will continue in the short term.
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