26,307 USD
Wall Street opened sharply lower on 24 May as the "long-awaited retest" of a key trendline became a reality.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $26,154 on Bitstamp - the lowest level since 12 May.
The latest action was a sharp departure from the previous day, when the upside constituted the main story of the market, with Bitcoin targeting $27,500.
Range-bound oscillations were therefore the name of the game on the day, while traders focused on key levels on the long side to protect the future.
They come in the form of the 100-day and 200-week moving averages (MA), which have been the talk of the town in recent weeks.
"We are waiting for the long-awaited retest of the 200-week moving average. IMO, this is the most important level for long BTC holdings," the monitoring resource material indicator concluded to Twitter followers.
Michaël van de Poppe, founder and CEO of trading company Eight, further noted that the 200-week average and the exponential average play a role in the total market capitalisation of cryptocurrencies.
He described this as a "pivotal moment" for the charts.
Meanwhile, popular trader Daan Crypto Trades is watching long positions return to the market lows a few hours after the decline began. Long "buy on the low" is a feature of the recent local lows.
"Bybit's open positions have almost returned to the levels seen prior to this prolonged squeeze. There seems to be a fair amount of immediate re-entry of longs," he commented.
US stocks also opened lower on concerns about the market's reaction to the Biden administration's debt ceiling impasse.
Related: $160,000 at the next half cut? Models countdown to new all-time bitcoin high
For trading platform QCP Capital, it's time for bitcoin bulls to be cautious.
In the day's market update, BTC/USD warned that it was "holding firm" - operating within a narrow range - despite uncertainty increasing the likelihood of a catch-up correction. However, the final outcome will depend on the resolution of the debt ceiling issue.
"While our medium-term bias is for BTC to move higher, in a trading scenario - where we believe BTC could quickly move in sync with other macro market cues - the
Wall Street opened sharply lower on 24 May as the "long-awaited retest" of a key trendline became a reality.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $26,154 on Bitstamp - the lowest level since 12 May.
The latest action was a sharp departure from the previous day, when the upside constituted the main story of the market, with Bitcoin targeting $27,500.
Range-bound oscillations were therefore the name of the game on the day, while traders focused on key levels on the long side to protect the future.
They come in the form of the 100-day and 200-week moving averages (MA), which have been the talk of the town in recent weeks.
"We are waiting for the long-awaited retest of the 200-week moving average. IMO, this is the most important level for long BTC holdings," the monitoring resource material indicator concluded to Twitter followers.
Michaël van de Poppe, founder and CEO of trading company Eight, further noted that the 200-week average and the exponential average play a role in the total market capitalisation of cryptocurrencies.
He described this as a "pivotal moment" for the charts.
Meanwhile, popular trader Daan Crypto Trades is watching long positions return to the market lows a few hours after the decline began. Long "buy on the low" is a feature of the recent local lows.
"Bybit's open positions have almost returned to the levels seen prior to this prolonged squeeze. There seems to be a fair amount of immediate re-entry of longs," he commented.
US stocks also opened lower on concerns about the market's reaction to the Biden administration's debt ceiling impasse.
Related: $160,000 at the next half cut? Models countdown to new all-time bitcoin high
For trading platform QCP Capital, it's time for bitcoin bulls to be cautious.
In the day's market update, BTC/USD warned that it was "holding firm" - operating within a narrow range - despite uncertainty increasing the likelihood of a catch-up correction. However, the final outcome will depend on the resolution of the debt ceiling issue.
"While our medium-term bias is for BTC to move higher, in a trading scenario - where we believe BTC could quickly move in sync with other macro market cues - the