Bitcoin price will get 'another test' of 200-week trend line — analyst
Bitcoin (BTC) fell to multi-day lows at the June 5 Wall Street open as action heated up on exchanges.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $26,640 on Bitstamp.
Down nearly 3% versus the weekend’s highs, the pair looked weak as key support lines inched closer.
Among these was the 200-week moving average (MA), now at $26,400, which had weathered repeated tests to stay as support since mid-March.
“Bitcoin is going to get another retest of support at the 200-Week MA (purple),” Keith Alan, co-founder of monitoring resource Material Indicators, warned in commentary on the weekly chart.
Others eyed similar areas for bulls’ last stand to take place.
“Bitcoin is, still, stuck in the range-bound area where $26,600 is the important area to hold,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers on the day.
Material Indicators itself, meanwhile, uploaded a chart of liquidity on largest global exchange Binance.
Commenting on Alan's findings, it argued that the United States Federal Reserve decision on interest rates due June 14 would be the ultimate "do or die" moment.
"If Technical Support levels at the key Moving Averages is lost, the next level of support would be around the 2017 Top, which has confluence with the trend line," it wrote.
Trader Daan Crypto Trades was among those who noted noises coming from futures markets, where open interest was increasing.
Related: ‘$31K was not the end’ — 5 things to know in Bitcoin this week
Action going on over at the Binance $BTC Futures pair.Seeing some big walls towards both sides. Some of them getting filled while some are likely spoof orders.Meanwhile, Open Interest is going up and fundingg is going down.
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