January 31, 2023

Technically, bitcoin breached the 10-day exponential moving average (EMA), indicating near-term weakness. The 10-day EMA is a moving average of the most recent 10 days of bitcoin prices. A price movement below an asset’s EMA can be interpreted as a bearish indication. It’s worth noting, however, that the bearish moves have taken place on below-average volume. Movements in any direction at low volume are often interpreted as a lack of confidence in the direction of movement.

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