crypto1400
06/09 08:04
Bitcoin risks slipping below $105,000 on Monday am
Bitcoin risks slipping below $105,000 on Monday amid the US-China trade talks, potentially setting the tone for the week.
The broader cryptocurrency market edges marginally higher on Monday as underlying weakness gradually takes effect. Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP are facing headwinds after a minor recovery over the weekend, risking a reversal similar to the flash crash on Thursday.The US-China trade talks scheduled for Monday in London are a highly volatile catalyst, with the potential to cause sharp movements, as seen in the previous discussion on May 12 in Geneva. The 90-day pause in tariffs sparked a quick recovery in the S&P 500 and a delayed reaction in Bitcoin.
Ahead of the discussions between Trade Secretary Scott Bessent and Vice Premier He Lifeng, the short-term weakness in the crypto market warns of speculation-based corrective measures. This suggests the investors cashing out to mitigate the risks of any pushback in the top officials' meeting.
Bitcoin risks a double top reversal to $100K
Bitcoin consolidates above $105,000 for two days as it recovers from the sharp drop witnessed on Thursday. At the time of writing, BTC trades at $105,621, failing to overcome the $106,058 resistance level, December’s highest closing price.
The price action movement warns of a double top reversal alongside a short-term resistance trendline, adding headwinds. Traders anticipating a bullish trend must await a daily closing above $106,058 to avoid any traps.
A potential breakout could prolong Bitcoin’s trend towards its all-time high at $111,980.
Investors must look out for a buy signal from the Moving Average Convergence/Divergence (MACD) indicator. The blue line crossing above the red line concurrent with a rise of the green histogram bar above the zero line signals an uptrend.
However, the Relative Strength Index (RSI) at 53 is turning sideways near the halfway line, aligning with the uncertainty in BTC. Notably, a lack of divergence between the two recent RSI peaks and a potential double top in Bitcoin limit the bearish risk.
On the other hand, amid the rising uncertainty due to the scheduled talks in London, Bitcoin could retest the $100,718 support floor, last tested by the low on Thursday.
#Check In Daily, Win Prizes Daily — Join the Fun!#Share Your Thoughts on Popular Assets in June#Claim1,200 USDT in the Monthly Creation Challenge
1Compartir
Todos los comentarios0Lo más recientePopular
No hay registros