Bitcoin isn’t crashing because of Saylor
A Charles Schwab strategist says Bitcoin isn't crashing because of Michael Saylor's sale, it's losing the momentum trade to gold, AI stocks, and IPOs.
Cointelegraph·
Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.
Read full articleA Charles Schwab strategist says Bitcoin isn't crashing because of Michael Saylor's sale, it's losing the momentum trade to gold, AI stocks, and IPOs.
Bitcoin’s 200-week moving average, sitting at around $61,700, is the line the market is watching most closely right now. That level has marked the bottom of every major Bitcoin bear cycle going back to 2015, and it held again this week — at least for now. Related Reading: XRP Already Powers Real Banking Activity, Says Evernorth, With More Growth Expected A Classic Bottom Signal — Or Just A Pause? The selloff dragged Bitcoin down to around $61,300 before buyers pushed the price back up past $64,750, a recovery of more than 5%. Reports say the rebound came alongside news that Israel and Lebanon had agreed to a ceasefire, though the price action itself was already being shaped by a massive liquidation event. Over $740 million in BTC positions were wiped out in a 24-hour window, according to data from CoinGlass. Long traders took the bulk of the hit, with more than $623 million in bullish bets liquidated as the price fell. Bear Flag Still Looms Bitcoin’s weekly chart shows a bear flag brea
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