Bitcoins value breaks its 200day trendline after a 10month streak

Bitcoin experienced a decline of over 2% on July 4th as it retested a key support line for the first time since October 2023. The drop in price was attributed to “spot selling,” which created unfavorable conditions for Bitcoin bulls. Data from CoinGlass showed that there were nearly $60 million in Bitcoin long liquidations within a 24-hour period. Popular trader Skew commented on the price action, noting that BTC/USD had crossed its 200-day moving average (MA) for the first time in 10 months. The 200-day MA was at $58,400 at the time, slightly below the spot price. DecenTrader, a trading suite, pointed out that there was a significant amount of long liquidations around $50,000 if the price were to break down further. On the other hand, shorts liquidity was at $76,000-78,000. Charles Edwards, the founder of Capriole Investments, highlighted the sell-side pressure on Bitcoin throughout the year, stating that the launch of US spot Bitcoin exchange-traded funds (ETFs) in January was unable to absorb the fallout. Edwards emphasized that the ETFs were not the sole demand in the current market. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.