Bitcoin price starts 'normal and healthy' support test as $108K halts bulls
Bitcoin prices are currently experiencing a support retest near the $108,000 level, which is identified as a critical barrier for bulls after a recent price surge. As of June 25, market dynamics indicate a pause in upward momentum while liquidity in the order book suggests profound impacts on BTC's price fluctuations. While smaller investors are taking profits, larger players, referred to as whales, are increasing their positions, showing divergent behavior from retail investors. The 50-day simple moving average (SMA) is viewed as a potential buying opportunity around the $105,700 mark, indicating a healthy market correction. Analysts note that should Bitcoin fall below the 50-day SMA, it could trigger further selling pressure, but the accumulation trend is showing signs of life among major investors. The ongoing price action reflects natural profit-taking while long-term holders remain committed to their investments, positioning themselves for potential upward movement in the near future.
Source 🔗