dailyhodl.com
A closely followed analyst and trader warns that Bitcoin’s ($BTC) multi-month bull market may be hanging by a thread.
Pseudonymous analyst Altcoin Sherpa tells his 219,700 followers on the social media platform X that he’s keeping a close watch on Bitcoin’s price action at around $58,000.
According to the trader, an immediate move below $58,000 could spell trouble for the crypto king.
“$58,000 would be the level of interest for me for $BTC. Pulling back is expected; the reaction from that area should be telling.
Bounce strongly = we test higher levels.
Weak bounce or nonexistent= we go to hades.”
The crypto strategist updates his chart, saying that he’s seeing an encouraging response from $BTC bulls.
“Good reaction for $BTC so far.”
At time of writing, Bitcoin is trading for $59,604, up over 1% on the day.
The analyst is also watching the recovery of Solana (SOL) competitor Sui ($SUI). According to the trader, $SUI is flashing bullish momentum but warns that the altcoin will meet resistance at the 200-day exponential moving average (EMA) hovering above $1.
“I think you go with momentum and maybe it’s just a bid; but I can’t remember when people really cared that much about speed / cost as much for blockchains. They will go where the $/gambling is at, that’s it.
200-day EMA approaching though so probably watch out for that… but chart still looks pretty good.”
At time of writing, $SUI is worth $1.01, up nearly 14% in the last 24 hours.
Generated Image: Midjourney