As US stock exchanges diverged at all-time-highs, Bitcoin (BTC), a digital currency that is traded on Wall Street, plunged to six-week-lows during Friday’s Wall Street Open.
The following are key points.
- Bitcoin falls to $72,000 in analysis “crucial” BTC price levels.
- As the crypto-divergence continues, US-Iran truce talks have sent stocks to new records.
- Bitcoin’s moving average of 100 days is important as a battlefield for bulls.
BTC Price Analysis Sees “crucial” Now, the range is in play
TradingView’s data shows that Bitstamp has dropped BTC/USD to $72,395 to begin the US TradFi session.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
Continue a losing streak In recent weeks the pair has again seen downward pressure even though stocks have surged into further price discovery.
The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.
S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingView
Expectation lasting ceasefire Even as the military attacks continued, the tension between Iran and the US grew.
Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.
“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” He wrote in an post on X.
“Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Van de Poppe said that $77,000 would be the starting point for the project. “next leg upwards.”
“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” He added.
Extra volatility in the weekly close tip
Trading account CGT Trade warned of the possibility that BTC positions held long could be liquidated next.
Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar
“Long squeeze loading …. Price continues to range while funding stays heavily positive and open interest keeps declining. That usually suggests the market is still leaning aggressively long, even as some participants are already closing positions and derisking,” Post X read.
“At the same time, spot volume continues to fade, which points toward underlying weakness. Given these conditions, a long squeeze looks increasingly likely.”
Order-book Data for Binance BTC/USDT Futures. Source: CGT/X
Data derived from CoinGlass At the time the article was published, the 24-hour total of cross-crypto transactions had exceeded $200 million.
Screenshot of the Crypto Liquidation History Source: CoinGlass
Material Indicators, a trading resource that provides traders with a look ahead at the future of their resources, told its followers: “expect volatility” Bitcoin: Sunday, the day when all daily, weekly and month-end closes at once.
“We have a cluster of liquidations around $76k and a developing H & S pattern that could take price down to the Q2 Timescape R/S Levels in the$68k – $69k range,” You can also find out more about us here. notedData from proprietary trading tools is used by.
“The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close.”
Chart of BTC/USD with the 100-day SMA. Source: Cointelegraph/TradingView
Materials Indicators refers to the simple 100-day moving Average, which is currently at $72,972.
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Source: cointelegraph.com
