Crypto Storm By Valmi

📉 Bitcoin under pressure: towards a test of $100,000?

Bitcoin (BTC) has seen a notable decline in recent days, dropping below $104,000. This correction comes after a historical high of $111,814 reached on May 22.

Several factors are contributing to this downward pressure:

Loss of 21-day support: BTC has fallen below its 21-day moving average, a key technical indicator, suggesting a possible continuation of the correction towards the psychological threshold of $100,000.

Massive withdrawals from Binance: Two new wallets have withdrawn $84.2 million in BTC from Binance, which could indicate anticipation of significant market movements.

Correlation with traditional markets: The 0.8% drop in the S&P 500 on May 29 coincided with a 1.5% decrease in BTC, illustrating the current sensitivity of the crypto market to movements in traditional financial markets.

Despite these bearish signals, some indicators suggest a market in a strengthening phase rather than a major trend reversal. The RSI (Relative Strength Index) of BTC is at 42, indicating a moderately oversold condition, which could attract short-term buyers.

💬 And you, how do you interpret this market phase?

$BTC : Buy the dip or wait for confirmation?

$ETH : Will it follow the same trajectory?

$SOL : An opportunity to seize?

Share your analyses and strategies in the comments 💬
#TradingTypes101 #MarketPullback