Bitcoin (BTC) deepened six-week lows at Friday’s Wall Street open as US stock markets diverged to all-time highs.
Key points:
Bitcoin sinks closer to $72,000 as analysis eyes “crucial” BTC price levels.US-Iran ceasefire talks send stocks to even higher records as the crypto divergence continues.Bitcoin’s 100-day moving average gains significance as a battleground for bulls.
BTC price analysis sees “crucial” range now in play
Data from TradingView showed BTC/USD dropping to $72,395 on Bitstamp to start the US TradFi trading session.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
Continuing a losing streak from recent weeks, the pair again saw downside pressure, even as stocks surged further into price discovery.
The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.
S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingView
Anticipation of a lasting ceasefire between the US and Iran drove the momentum, even as military strikes continued.
Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.
“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” he wrote in a post on X.
“Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Van de Poppe suggested that $77,000 was the line in the sand to start the “next leg upwards.”
“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” he added.
Weekly close tipped to see extra volatility
Continuing the general sense of caution among Bitcoin market participants, trading account CGT Trader warned that BTC long positions could face liquidation next.
Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar
“Long squeeze loading …. Price continues to range while funding stays heavily…
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