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

b9439d57-ef0f-42c3-b9c8-40e5c201a8d3.jpg

A crucial BTC price support is coming back into the picture with Bitcoin bulls struggling below $27,000.

Bitcoin (BTC) fell to multi-day lows at the June 5 Wall Street open as action heated up on exchanges.

c4957391-80e5-4c6e-8e0a-fc7eacada6ef.pngBTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Van de Poppe: Trend line failure could mean "bottom isn't in yet"

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.

“IMO, a Weekly candle close below the 200-Week MA would be an indication that the bottom isn't in yet. Things could get spicy this week. The last line of defense is at the 50-Month MA around $25.5k.”
1c1c012d-0012-449c-ae80-8a78ef15ed1b.jpegBTC/USD annotated chart. Source: Keith Alan/ Twitter

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.

“Couldn't break $27,500. The standard Sunday/Monday dump took place, let's see what the week will bring going forward. Pretty relaxed macro-economic week too.”

Material Indicators itself, meanwhile, uploaded a chart of liquidity on largest global exchange Binance.

bd34c524-89d3-4228-b4ce-bd5e41a7ce61.jpegBTC/USD order book data for Binance. Source: Material Indicators/ Twitter

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.

"BTC liquidity remains thin on both sides of price. Markets await the June 14th FED rate hike decision."

Exchange speculation heats up

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. pic.twitter.com/Rq3vQDuNJo

— Daan Crypto Trades (@DaanCrypto) June 5, 2023

Trading suite Decentrader likewise noted a "significant increase" in open interest, with long positions becoming more prominent before the Wall Street open.

This seems to mostly be coming from #Bitcoin Longs as we are seeing an increase in both Funding Rates and the Long/Short ratio. https://t.co/I48kl4kbGW pic.twitter.com/pDf57zs2W4

— Decentrader (@decentrader) June 5, 2023

Data from monitoring resource CoinGlass meanwhile showed liquidations more impacting longs for June 5, with cross-crypto position losses totaling $33 million at the time of writing.

58981cf6-67aa-4d74-b3e1-7448f53f31e4.pngCrypto liquidations chart (screenshot). Source: CoinGlass

Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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