This Market Trend Shows The Bitcoin Price Is Ready For Its Next Leg Up

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Bitcoin looks poised for its next leg up.

An ongoing battle between the bulls and bears is currently underway for the 200-day moving average of the bitcoin price. The 200-day moving average is often viewed by traders and market analysts alike as a key indicator for the momentum of a given asset, thus the recent resistance and chop above and below the indicator is quite telling. 

However, bears beware, as one of the most significant bitcoin market trends over the past two years is foreshadowing some extreme strength in the price of bitcoin over the coming weeks/months.

The bitcoin exchange balance, often covered in The Daily Dive, continues the dominant trend it has been following since the start of 2020 — massive accumulation and withdrawal of coins from exchanges.