Bitcoin traders weigh next move with BTC price at crucial 200-week trendline

Share This Post

Bitcoin keeps the market guessing over how it will treat the 200-week moving average at $26,500.

Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals

BTC/USD 1-hour candle chart on Bitstamp with 200WMA. Source: TradingView

BTC spot clings to 200-week moving average

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling a key long-term trend line near $26,500.

After flash volatility surrounding industry news events, the pair returned to sideways trading after bouncing from three-month lows.

Now, the 200-week moving average (WMA) formed a critical focus.

“We are currently sitting right on the 200WMA,” trading suite Decentrader wrote in part of the day’s analysis.

Decentrader opted for a conservative view of short timeframes, warning over an increasing long/short ratio on exchanges and that the U.S. trading session may open with selling.

Popular traders, including Crypto Tony, were on the sidelines until a more pronounced trend became apparent.

“This is the structure i am currently going by on Bitcoin and i remain out of a position while we are mid range,” he told Twitter followers on the day.

“No point rushing nay entries when things are not crystal clear. We had a good short before, now we prepare for the next entry.”

An accompanying chart showed a potential downside target in a “support zone” at just below $26,000.

BTC/USD annotated chart. Source: Crypto Tony/Twitter

“Unchanged view on Bitcoin. Consolidation, falling wedge. Not overly interesting until we get a breakout,” fellow trader Jelle agreed.

More optimistic takes came from popular trader King La Crypto among others, who eyed a potential repeat of upside from early March. This, as Cointelegraph reported, ultimately resulted in highs of $31,000.

DXY heads to support

Prior to the Wall Street open, meanwhile, pronounced weakness in the U.S. dollar formed a potential reason for bullishness on crypto markets.

The U.S. dollar index (DXY) fell to its lowest in several days, targeting support from the monthly open and late May.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Popular trader Mikybull Crypto was among those inferring apositive outcome for BTC.

“Correlating Dollar Index DXY and Bitcoin, we can see the market makers model in play,” he explained alongside a comparative chart.

“BTC still have one more leg up.”

BTC vs. DXY annotated chart. Source: Mikybull Crypto/Twitter

Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read Entire Article
spot_img

Related Posts

Crypto Sector Secures $317M in Venture Capital Deals in Early June

With the first half of June concluded, there have been 37 venture capital deals and fundraising events in the crypto sector Collectively, these investments totaled $31787 million, with Avail, a

Ripple Gets Big Break: SEC Lowers Settlement Demand To $103 Million

A glimmer of hope emerged for Ripple Labs this week in their ongoing legal battle with the SEC The Securities and Exchange Commission slashed its proposed settlement amount from a staggering $2

The State of Crypto Merchant Adoption in 2024

Merchants are increasingly adopting cryptocurrencies like bitcoin and ethereum, reflecting a growing trend towards digital currency payments as a viable alternative to traditional means Merchants

Salvadoran Government Introduces Bitcoin Banking Law Reform

The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector The banking law reform introduced to the

Bitcoin Proponent Michael Saylor Forecasts Potential $8 Million BTC Price Tag

Fervent Bitcoin proponent Michael Saylor has made another very bullish prediction for Bitcoin’s price tag His comments, which were made at a recent Prague event, have captured the attention of

Paxos Lays Off 65 Employees Following Yield-Bearing Stablecoin Launch

According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce This development comes on the heels of Paxos International’s announcement of its
- Advertisement -spot_img