Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.
After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.
Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.
Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.
In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.
How will the coming week shape up? Cointelegraph looks at the major things to consider when it comes to Bitcoin and wider crypto market price action.
Bitcoin loses key trend line, but some remain bullish
Bitcoin’s price closed the weekly candle in a disappointing position thanks to last-minute downside wiping value from crypto as a whole.
The removal of various altcoins by certain trading platforms concerned about U.S. legal ramifications sent prices tumbling, leading BTC/USD to its lowest weekly close since mid-March, data from Cointelegraph Markets Pro and TradingView shows.
In doing so, the pair also locked out the 200-week moving average (MA) as support.
“A BTC Weekly Candle Close below the 200-week MA could confirm it as a lost support,” trader and analyst Rekt Capital warned beforehand.
“In that case, $BTC could relief rally into the MA next week, potentially to flip it into new resistance. This sort of turn of technical events could precede additional downside.”
Michaël van de Poppe, founder and CEO of trading firm Eight, held similar concerns about the fate of the total crypto market cap.
Mayday, mayday.
Total market capitalization is beneath the 200-Week MA and EMA.
Needs to get back above $1.04T during this week to avoid further downwards momentum for #Crypto. pic.twitter.com/J5lb8G5APU
— Michaël van de Poppe (@CryptoMichNL) June 12, 2023
With traders’ downside targets already extending to $24,000 and below, some took the opportunity for more optimistic takes on both shorter and longer timeframes.
Daan Crypto Trades noted upside potential thanks to the weekend losses opening up a CME futures gap.
That gap stands…
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