<Fundamental>
Bitcoin fell as investor hopes for a US strategic reserve plan were let down. Rather than accumulating cryptocurrencies, the US government held only its previously seized assets, triggering a price decline. However, large investors viewed the dip as a buying opportunity. Data reveals that whale and shark wallets acquired 5,000 Bitcoin during the downturn, reflecting confidence in the market despite the drop.
<Technical>
BTCUSD tested the 77,500 support level after failing to reclaim the EMA21. The widening bearish EMAs suggest a potential continuation of the downtrend. A sustained recovery and a close above 80,000 could lead to a retest of the next resistance at 82,500. On the other hand, if BTCUSD fails to hold above 77,500, a further drop toward 75,000 may follow.
Bitcoin fell as investor hopes for a US strategic reserve plan were let down. Rather than accumulating cryptocurrencies, the US government held only its previously seized assets, triggering a price decline. However, large investors viewed the dip as a buying opportunity. Data reveals that whale and shark wallets acquired 5,000 Bitcoin during the downturn, reflecting confidence in the market despite the drop.
<Technical>
BTCUSD tested the 77,500 support level after failing to reclaim the EMA21. The widening bearish EMAs suggest a potential continuation of the downtrend. A sustained recovery and a close above 80,000 could lead to a retest of the next resistance at 82,500. On the other hand, if BTCUSD fails to hold above 77,500, a further drop toward 75,000 may follow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.