Bitcoin Price Pullback: Bulls or Bears in Control?
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Bitcoin's recent surge past $112,000, a new all-time high, was short-lived. Following President Trump's tariff threats, a risk-off sentiment triggered a sell-off, pulling Bitcoin back below its recent highs. This retracement, while not unusual after such a strong rally, highlights the cryptocurrency market's sensitivity to macroeconomic news. However, Bitcoin's resilience is evident as it holds strong despite persistent global market uncertainty and elevated US Treasury yields. Technical analysis points to Bitcoin's return to the daily EMA 8, a level that has historically provided support. Analyst Big Cheds suggests that holding this moving average could indicate continued bullish control, viewing the pullback as a healthy consolidation. The 4-hour chart shows Bitcoin retesting the 34-period EMA (around $107,800) and the 50-SMA ($106,273), levels that have acted as support during the recent uptrend. Increased volume during the pullback might suggest profit-taking rather than panic selling. A decisive break above $115,000 is seen as crucial for confirming a sustainable bullish phase; otherwise, the rally could be considered an overextension. If Bitcoin bounces from the EMA 8, bullish momentum may resume. Conversely, failure to hold this support could increase downside risk, particularly if traditional markets continue their decline. The $103,600 level represents the next major support area. The situation remains dynamic, with the market closely watching Bitcoin's reaction at these key technical crossroads.
(Source: https://www.newsbtc.com/bitcoin-news/bitcoin-pulls-back-to-daily-ema-8-can-bulls-hold-momentum/)