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.”
Source: Altcoin Sherpa/X
The crypto strategist updates his chart, saying that he’s seeing an encouraging response from BTC bulls.
“Good reaction for BTC so far.”
Source: Altcoin Sherpa/X
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.”
Source: Altcoin Sherpa/X
At time of writing, SUI is worth $1.01, up nearly 14% in the last 24 hours.
Generated Image: Midjourney
