Bitcoin [BTC] breaching $4,200 mark influenced market psychology, claims eToro’s Mati Greenspan

Mati Greenspan, the Senior Market Analyst at eToro, is in the news again after he suggested that the current cryptocurrency market might be in a state of “limbo”.

During a recent interview with bloxlive.tv, Mati Greenspan claimed that the cryptocurrency market was hinting at the end of the bear cycle. He took the reference of the critical 200 DMA indicator, suggesting that the bear market might have snapped, following Bitcoin [BTC] $5,000 level breach.

The 200 DMA had been taken as resistance during the crypto-winter. However, the line was broken by the recent price surge and was acting as support, at press time. He added that the long-term bearish trend line was also broken during the pump.

With the analysis, Greenspan speculated the end of the long-term bear market. However, he remained cautious about considering the ongoing cryptocurrency trend as a bull run.

He explained that the argument for the collective coin market’s bull run came from the massive pump which occurred within the span of two days.

He added,

“A bull market is defined as a market where the prices are going up steadily over a period of time and are expected to go up in the future. In that sense we don’t have it. Yes, we had momentum building up slowly since early February and there was a pop, but we do not have sustained upward pressure overtime because that only comes with time.”

Additionally, he stressed how important the $4,200 mark was as the coin bounced back from the resistance many times, before finally crossing it during the pump, which could have influenced the “market psychology directly”.

Source: Twitter

Mati Greenspan recently tweeted and charted out Bitcoin’s new resistance level at $5,350. According to him, a breach of the new resistance line will likely confirm dominant buying pressure, fueling a greater Bitcoin pump.

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