Bitcoin made a small recovery today after two days of constant drop down to the $7,500 level. However, according to the technical strategist at Fundstrat Global Advisors, Rob Sluymer it is a moment of truth for bitcoin as the 200-DMA indicates a pullback that last time in May led to 40% drop in BTC price.
For the past two days, Bitcoin (BTC) has been constantly going down. In effect, it fell down to $7,500 level. The week started on a good note with Bitcoin at $8,250, only to continuously slipping.
Bitcoin has fallen about 9 percent from Bitcoin at its highest on Monday at $8,261 to today’s $7,600. With a market cap of approximately $130 billion, the daily trading volume of Bitcoin also experienced a drop as it reached about $4.2 billion from $5 billion.
Today, Bitcoin saw a small recovery as it moved upwards and above $7,500 price level. In the past few hours, bitcoin registered 1 to 2 percent of gain only to lose to the bulls but managing to remain barely in the green.
If the prices continue to rise, it will find resistance at $7,800. From here, it will hit its bullish goal of $8,000.
The entire crypto market is in the correction that is aiding in maintaining the dominance level of Bitcoin to over 48 percent. A majority of the altcoins are in the red, especially the top 10 except for Bitcoin.
Also, read: Japanese Yen Slips as BOJ Offers No Favour, Investor Interest Shifts to Bitcoin & Cryptos
The market is pretty dull which will further test another low in the coming days as per Rob Sluymer, technical strategist at Fundstrat Global Advisors.
According to him, from a technical point of view, Bitcoin rally has been pulled to a stop by the 200-DMA. This is presenting a long term resistance to the coin as stated by him:
“In the very short-term, BTC is likely at a pullback/pause point at resistance level coinciding with a 61.8% retracement of the May-June downtrend just below the May 20 highs and near the declining 200-DMA.”
If we take a look at the last time, in May, Bitcoin made a pullback from the 200-DMA, it lost about 40 percent of its value. Coming to the end of June, it dropped down to $5,800 level. Just like last time, this time as well, the 200-day moving average is forming resistance for Bitcoin.
According to Sluymer, this is a “moment of truth” for bitcoin as it trades near the $7,400 support level. So, now the wait and watch come to see if Bitcoin will make an upward movement or take a nosedive.
Bitcoin has reached a new all-time high (ATH), extending its current rally, which began at…
Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…
Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…
BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…
The crypto industry has already lost more money in the first half of 2025 than…
Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…