During the first week of the general market sell-off, two weeks ago, the crypto market was sort of left behind investors' attention. However, the previous week brought some negative movements at the beginning of the week, which were diminished as of the weekend. The problem of margin calls from other traditional markets affected the crypto market at the start of the week. BTC reached its lowest weekly level at $74.860. The second half of the week was supported by news of tariffs delay for 90 days, in which sense, the market optimism was back, as well as the price of BTC. At the Saturday trading session, BTC tested the resistance line at $85K.
The RSI is still struggling to pass the 50 level. During Saturday, RSI reached the 52 level, but it still does not provide a clear signal that the market is heading toward the overbought market side. The most important weekly development was with MA 50 and MA 200 lines. These two MAs created a cross, where MA 50 crossed the MA 200 from the upper side and is currently moving below the MA200 level. In a technical analysis this is called the “dead cross” indicating probability that the uptrend is exhausted.
The current general volatility in markets might still not be over, simply because it is driven by Government narrative related to tariffs, which is quite changeable on a daily basis. Markets have never been happy with uncertainty. To which extent this uncertainty will be transferred to the crypto market is hard to predict at this moment. Some indications of the recovery are modestly seen on charts. However, the question at this moment is whether this is a sustainable recovery? It is positive that BTC headed to test the $85K resistance level. In case that it is broken to the upside, the BTC will seek higher grounds, around the $ 87K and $90K resistance. However, the move toward the opposite side might bring BTC back toward the $ 83K or $80K support levels. Both options are currently open, because the market is not driven by actual sentiment, but the fear of potential consequences from tariff wars.
The RSI is still struggling to pass the 50 level. During Saturday, RSI reached the 52 level, but it still does not provide a clear signal that the market is heading toward the overbought market side. The most important weekly development was with MA 50 and MA 200 lines. These two MAs created a cross, where MA 50 crossed the MA 200 from the upper side and is currently moving below the MA200 level. In a technical analysis this is called the “dead cross” indicating probability that the uptrend is exhausted.
The current general volatility in markets might still not be over, simply because it is driven by Government narrative related to tariffs, which is quite changeable on a daily basis. Markets have never been happy with uncertainty. To which extent this uncertainty will be transferred to the crypto market is hard to predict at this moment. Some indications of the recovery are modestly seen on charts. However, the question at this moment is whether this is a sustainable recovery? It is positive that BTC headed to test the $85K resistance level. In case that it is broken to the upside, the BTC will seek higher grounds, around the $ 87K and $90K resistance. However, the move toward the opposite side might bring BTC back toward the $ 83K or $80K support levels. Both options are currently open, because the market is not driven by actual sentiment, but the fear of potential consequences from tariff wars.
Related publications
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.
Related publications
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.