[adrotate group="2"]
BITCOIN BULLS HIT A BRICK WALL: PRICE REVERSAL UNDERWAY!
In a shocking twist, Bitcoin (BTC) traders are witnessing a dramatic price reversal, as BTC struggles to break free from the clutches of a notorious resistance level! After a euphoric rise that saw Bitcoin skyrocket to April highs of $88,874, excitement is swiftly fading. What’s behind the sudden downturn? The classic 200-day moving average is pulling the reins on the crypto king, leaving bulls gasping for breath!
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
200-DAY MOVING AVERAGE CRUSHES BITCOIN DREAMS!
The data paints a foreboding picture: Bitcoin has hit a wall as it faces a steep rejection at the pivotal 200-day simple moving average (SMA). While Bitcoin started the week on a high note, hopes of following in gold’s footsteps have been dashed! Trader Daan Crypto Trades has laid it out clearly: “We broke above the Daily 200EMA, but the sharp rejection from the Daily 200MA is a signal!” The urgency is palpable as he warns that fun won’t reignite until we see daily closes above $90K. The stakes are getting higher, folks!
BTC/USD 1-day chart. Source: Daan Crypto Trades/X
A NIGHTMARE FOR THE BULLS: COULD THIS BE THE END?
Panic is spreading through the crypto community as the 200-day SMA, a crucial pillar of Bitcoin bull markets, slipped into the abyss back in March, coinciding with escalating sell-side pressure from the US trade wars. Since then, Bitcoin plunged to five-month lows below $75,000, and now the question on everyone’s lips is: Has the party already ended? Market participants are on edge, with fear that the exhilarating price rally may be close to its demise!
TRADERS PREDICT A SHOCKING CORRECTION!
Trader Roman isn’t holding back on the looming fears of a correction, suggesting that as we near key resistance, things look dicey. Citing the stochastic relative strength index in the “overbought” zone, he says, “The last 4 times this happened, we’ve seen 10-15% corrections!” Yikes! With the S&P 500 showing signs of downward momentum, the pressure on Bitcoin continues to mount as daily stochastic RSI sits precariously at the top of its scale!
BTC/USD 1-day chart with 200 SMA, stoch RSI data. Source: Cointelegraph/TradingView
THE REVERSAL HAS BEGUN?!
On the other hand, not all hope is lost! Some bullish market commentators are clinging to the idea that an exhilarating turnaround may still be in the cards! With crumbling US dollar strength, unprecedented highs in the global money supply, and a delayed response to gold’s surge, the stage might just be set for a BTC revival. Trader Cas Abbe boldly proclaimed, “I believe that $74K-$75K is the bottom for BTC. Most alts have also bottomed out, and a sustained rally could be on the horizon!”
BTC/USD vs. XAU/USD chart. Source: Cas Abbe/X
STAY ON ALERT: THE CRYPTO DRAMA CONTINUES!
With the crypto world spinning on a knife’s edge, it’s clear the drama isn’t over yet! Will Bitcoin break through the cloud of resistance, or will it face an epic crash? Seatbelts are fastened as traders navigate this wild ride! Keep your eyes peeled; the next moves could send shockwaves through the market!
[adrotate group="2"]
