Bitcoin

<h2 id="quick-take">Quick Take</h2> 
<p>Bitcoin has recently reasserted its position above the $36,000 benchmark, triggering a wave of short liquidations. In the past four hours alone, Bitcoin shorts worth $13 million have been liquidated, contributing to the total crypto market liquidations of $30 million. This development indicates the shifting market dynamics as traders adapt to the evolving landscape.</p> 
<figure id="attachment_374062" aria-describedby="caption-attachment-374062" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-374062 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/lo.png" alt="Liquidations: (Source: Coinglass)" width="832" height="424" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/lo.png 832w, https://cryptoslate.com/wp-content/uploads/2023/11/lo-300x153.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/lo-768x391.png 768w" sizes="(max-width: 832px) 100vw, 832px">
 <figcaption id="caption-attachment-374062" class="wp-caption-text">
  Liquidations: (Source: Coinglass)
 </figcaption>
</figure> 
<p>However, a significant milestone drawing attention is the 200-day Simple Moving Average (SMA) of $28,749, surpassing the 200-week Moving Average (WMA) of $28,694 for the first time. As a well-regarded tool in Technical Analysis, the 200-day SMA is often linked with the transition between Bull and Bear markets. Meanwhile, the 200-week SMA captures the inherent momentum of Bitcoin’s typical 4-year cycle.</p> 
<figure id="attachment_374061" aria-describedby="caption-attachment-374061" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-374061 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/200.png" alt="200DMA vs 200WMA: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/200.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/200-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/200-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/200-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/200-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-374061" class="wp-caption-text">
  200DMA vs 200WMA: (Source: Glassnode)
 </figcaption>
</figure> 
<p>Echoing the previous week’s trend, where the <a href="https://cryptoslate.com/insights/bullish-signal-for-bitcoin-as-realized-price-outpaces-long-term-holder-cost/">realized price outpaced</a> the short-term holder’s realized price, this flip in the moving averages projects a bullish outlook for Bitcoin’s momentum in the near term.</p> 
<p>The post <a href="https://cryptoslate.com/insights/market-shift-in-favor-of-bitcoin-as-key-technical-indicators-suggest-a-bullish-phase/">Market shift in favor of Bitcoin as key technical indicators suggest a bullish phase</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Market shift in favor of Bitcoin as key technical indicators suggest a bullish phase

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