Bitcoin price will get ‘another test’ of 200-week trend line — analyst

At the June 5 Wall Street open, Bitcoin (BTC) dropped to its lowest levels in several days as trading activity increased on exchanges.

Van de Poppe: Trend line failure could mean “bottom isn’t in yet”

Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD briefly dipped to $26,640 on Bitstamp.

The pair appeared weak as it dropped nearly 3% from its weekend highs, with key support lines drawing nearer.

The 200-week Moving Average (MA) has remained a source of support since mid-March and is currently at $26,400. This has been tested multiple times but has held its ground.

Keith Alan, co-founder of monitoring resource Material Indicators, cautioned in his analysis of the weekly chart that Bitcoin is likely to be tested again at the 200-Week MA (purple).

Others looked to comparable locations for the bulls’ final confrontation to occur.

Michaël van de Poppe, founder and CEO of trading firm Eight, stated to his Twitter followers on the day that Bitcoin is still confined within a certain range, with $26,600 being the essential level to maintain.

Material Indicators, for its part, uploaded a chart of liquidity on the world’s largest exchange, Binance.

Commenting on Alan’s discoveries, it was asserted that the US Federal Reserve’s decision on interest rates on June 14 would be the definitive “make or break” moment.

If the key Moving Averages are breached and Technical Support is lost, the next level of support would be near the 2017 Top, which is in line with the trend line.

Exchange speculation heats up

Trader Daan Crypto Trades observed an uptick in open interest in futures markets, accompanied by a noticeable amount of noise.

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The DecenTrader trading suite also observed a “substantial surge” in open interest, with long positions becoming more prominent before the Wall Street opening.

CoinGlass monitoring data revealed that on June 5, liquidations had a greater effect on longs, with cross-crypto position losses amounting to $33 million at the time of writing.

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