BTC closes the second consecutive week above its 200-week moving average
Bitcoin (BTC) continued to rally towards $24,000 and stayed afloat near the mark for the larger part of the day post noon UTC. At the time of writing, Bitcoin was trading at $23,400, down by 2.78% from the previous day.
Hourly charts indicate that the bulk of the push happened between 10am and 12pm UTC before the price steadied around the $24k mark around 2pm. Bitcoin’s ascent comes in the wake of the traditional stock market displaying a similar uptrend. The correlation between BTC and three top indexes – Nasdaq Composite Index(-.10%), Dow Industrial Average (+0.09%), and S&P (-0.12%) has remained high above 0.60.