Cryptocurrency analyst Ali Martinez discussed a metric that he claims gives a clue as to which direction Bitcoin will head in his statement.
According to the analyst, the 200-day simple moving average (SMA) data is quite effective in determining the trend direction of BTC. Martinez stated that if the BTC price is above this metric, there is an expansion in price, while if it is below, it usually indicates a bear market.
The analyst said that the BTC price is currently below the $63,600 level, having been around $63,600 for two months, which remains a concern in terms of downward momentum in the price.
At the time of writing, Bitcoin is trading at $61,901, down 0.61% in the last 24 hours and has lost around 5% in value in the last week.
Additionally, speaking about Ethereum, the analyst reported that the number of ETH whales holding over 10,000 ETH has decreased by 7% since July.
*This is not investment advice.
