BTC/USD 1-hour chart. Source: TradingViewCommenting on the latest price action, popular trader Skew noted that BTC/USD had crossed its 200-day moving average for the first time in ten months.
“So far since trend rejection & reversal around $63.8K spot selling has been the main driver of this trend,” he“So in order for this HTF MA to actually act as a systematic trigger for the market we need to see market demand & reversal signs. Else volatility & momentum pick up to the downside.”The 200-day MA sat at $58,400 at the time of writing, still marginally below spot price after a low-timeframe bounce.
Zooming out, trading suite DecenTrader eyed a large patch of long liquidations lying in wait closer to $50,000 should price break down further. “*If* Bitcoin does breakdown then $51k - $52k remains the area where there is a significant amount of 3x, 5x, and 10x longs liquidity. To the upside, the shorts liquidity is at $76k-78k,” itBitcoin, he argued alongside data from on-chain analytics firm Glassnode, had been seeing significant sell-side pressure throughout the year.
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