Related: Crypto trading firm warns of 'classic bull trap' as Bitcoin tags $82.7KFor popular trader Daan Crypto Trades, a reclaim of at least $83,000 was necessary as an initial step for bulls.“$BTC Saw a strong move after the tariff pause was announced,” he told X followers.“Where BTC was more resilient on the downside, we saw equities pump more on the back of this pause (which makes sense as those are directly influenced by the tariffs).”An accompanying chart showed nearby key trend lines around the spot price.“BTC traded right back into the 4H 200MA (Purple) which has capped price over the past couple of weeks.
Source: Daan Crypto Trades/XAnalyzing order book liquidity, Keith Alan, co-founder of trading resource Material Indicators, drew attention to both the 21-day and 50-day simple moving averages (SMA) on the daily chart.“First attempt at breaking resistance at the 21-Day MA was rejected, however BTC bid liquidity is moving higher so I think we’ll see another attempt,” he summarized earlier on the day. “If bulls can R/S Flip the 21-Day, there is even stronger resistance where liquidity is stacked around the trend line and the 50-Day MA.”BTC/USD 1-day chart with 21, 50 SMA.
The S&P 500 and Nasdaq Composite Index were down 3% and 3.7%, respectively, at the time of writing.“Markets think the recently strong jobs report and cool inflation data gives Trump the ‘green light’ to continue the trade war,” trading resource The Kobeissi Letter suggested in part of a response on X.
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Author / Journalist: Cointelegraph by William Suberg
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