Is BTC making a stand at current prices?

BTC futures are trading lower today for the fifth sessions in a row today fractionally lower. As of 4:00 PM EDT Bitcoin futures are trading at $9,120, down approximately .20% on the day. But it seems that BTC may be making a return to rally mode again and the 50-day moving average currently at $9,123 looks just like the place to recover from.

Last week we spoke about the widening gap between the 50 and 200-day moving averages and said that when that gap grew to over a $1,000 spread it would be sign that we have entered an official rally mode and could take us to prices we have not seen since 2019.last week when spoke of this the gap was sitting at $400. Today that gap has officially widened to almost $750 and is three quarters of the way to its mark.

In February of 2019 the 50-day M.A. proved to be just the support Bitcoin would use to bounce off of and leap $10,000 higher in a mere four months. At that time Bitcoins first golden cross hadn’t yet even appeared so the 200-day was well above the 50-day by about $1,800.

If Bitcoin was to make a play at levels above $10,000 this price point aligned with this indicator would definitely make a logical jumping off point. However if BTC does not trade higher from this point and falls through this major moving average then Sideways trading will definitely be in its future.