Bitcoin (BTC) starts a new week under pressure as support levels fade and macro gloom intensifies.
Key points:
Bitcoin falls below a key 21-week trend line after the weekly close, but hopes of a “bear trap” rebound remain.US-Iran war rhetoric continues to push oil higher, pressuring crypto markets.Those tensions could still be countered by strong PMI and Nvidia earnings data in the coming days.Bitcoin whales are acting as if the bottom is already in, per new analysis.Despite this, a surge in exchange inflows from a key investor cohort raises alarm over “capitulation.”
BTC price analysis sees relief bounce after sub-$77,000 dip
Bitcoin felt the pressure as the new weekly candle began, dropping to $76,500 — its lowest levels since May 1, per data from TradingView.
After several support retests, BTC/USD began to fall through recently recovered ground, which included the 21-week exponential moving average (EMA) at $78,660.
BTC/USD one-day chart with 21-week EMA. Source: Cointelegraph/TradingView
With it, price fell back below the bull market support band.
“Another weekly close at it for now, but to confirm a proper breakout you’d need to see a bounce now,” trader Daan Crypto Trades wrote in X analysis before the trip toward month-to-date lows.
“If this ends up falling back below that $75K-$76K area and closes there on the weekly, then this was just a big deviation/dead cat bounce in my eyes.”
BTC/USD one-week chart. Source: Daan Crypto Trades/X
The downside cost BTC long positions, with cross-crypto long liquidations for the 24 hours to the time of writing passing $670 million.
Data from CoinGlass also shows potential liquidations building either side of spot price, providing fuel for liquidity grabs both up and down.
BTC liquidation heatmap. Source: CoinGlass
Commenting, trading account Cryptic Trades saw a bounce coming next due to the magnitude of liquidated longs.
“$BTC has just tapped into the prior Breakout Zone at $75K-$76K,” it told X followers.
“Expecting a bounce here, as the longs I covered in my prior alert also got flushed.”
BTC/USD one-day chart. Source: Cryptic Trades/X
At the weekend,…
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