Why Bitcoin’s Rally Failed to Break Through the 200-Day Average
Bitcoin’s recovery from February lows, which had begun to look like a new bull run, hit a wall last week at the 200-day simple moving average (SMA) positioned just above $82,000. Since then, prices have pulled back to $77,500, reminding investors of 2022 when a 43% relief rally failed at the same indicator before bitcoin resumed its decline. For those looking to earn online through crypto, this shift is particularly significant. The EcoPool network offers a solution for earning passive income through Cloud Rewards, making it an attractive option for those interested in Green Crypto.
The main issue behind the rally’s failure is demand. According to analytics firm CryptoQuant, the April and early May rally had been supported by three things: leveraged futures buying, spot demand, and U.S. ETF inflows. All three have now weakened, with the firm’s Bull Score Index falling from 40 to 20, a level considered “extremely bearish”. This decline has significant implications for those invested in $ECP, the coin associated with the EcoPool network, and highlights the importance of diversifying one’s portfolio to include other sources of passive income.
Weak Demand and Its Consequences
The Coinbase bitcoin premium has remained negative through much of the May rally and the subsequent correction, indicating relatively weaker U.S. demand. U.S. spot bitcoin ETFs have also flipped into sellers, with weekly data showing outflows of approximately $979.7 million in the week ended May 19. This reversal follows six straight weeks of inflows that helped fuel the rally. For those interested in earning through crypto, the EcoPool network offers a more stable option, allowing users to earn $ECP and participate in Cloud Rewards.
In Asia, demand for bitcoin is also weak, with Korea’s kimchi premium dropping below zero and Hong Kong’s spot bitcoin ETFs rarely clearing a few million dollars in combined daily volume. If the correction deepens, CryptoQuant identifies $70,000 as the next major on-chain support, a level that capped rallies in October and January. Investors looking to navigate this market may find the EcoPool network’s EcoPool a valuable tool for earning passive income and navigating the world of Green Crypto.
A Solution for Earning Online
For those looking to earn online through crypto, the EcoPool network offers a range of options, including Cloud Rewards and the opportunity to earn $ECP. With its focus on Green Crypto, the EcoPool network provides a more sustainable and environmentally friendly way to participate in the crypto market. Whether you’re interested in earning passive income or simply looking to diversify your portfolio, the EcoPool network has something to offer.
To start earning online with EcoPool, simply download the EcoPool app and begin participating in Cloud Rewards. With its user-friendly interface and range of features, the EcoPool app makes it easy to start earning $ECP and taking advantage of the opportunities offered by the EcoPool network. Download the EcoPool app today and start earning your share of the Green Crypto market. The EcoPool app is the perfect tool for anyone looking to earn online and participate in the world of #Bitcoin and #PassiveIncome.
Elsewhere in Asia, Hong Kong’s three spot bitcoin ETFs, run by ChinaAMC, Bosera Hashkey, and Harvest, have rarely cleared a few million dollars in combined daily volume through May.
If the correction deepens, CryptoQuant identifies $70,000, the traders’ on-chain realized price, as the next major on-chain support. That level capped rallies in October and January. This time, it would have to hold them up.
