Bitcoin traders say “the bottom is in” even as BTC price retests the 200-day moving average and threatens to descend lower.
Data from Coinglass shows that over the last 24 hours, $98.04 million worth of long Bitcoin positions have been liquidated against $22.6 million worth of short liquidations. The trader explained that if Bitcoin price produces a daily candlestick close above this level, “we’re looking at a successful sweep of the lows,” followed by a retest of the 200-day EMA and a potential bullish divergence from the daily relative strength index .the following chart on July 4: The Bitcoin price is retesting the “200D MA” for the first time since October 2023, before the
“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.”the following chart, explaining that the current correction is just a healthy pull-back setting up BTC from a massive breakout on the upside after completing the Wyckoff method reaccumulation method.Daan Crypto Trades noticed more than $200 million in longs and has just entered its position on Bitcoin’s move back above the 200-day SMA.
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