Bitcoin is in a “macro tug-of-war” as asset struggles to recover
Bitcoin is resting on a 200-week EMA, “a key level that systematic and momentum trading strategies look at.”
Bitcoin dipped below $67,000 early Wednesday morning, but a better-than-expected jobs report has lifted bitcoin back above that level.
Gracy Chen, Bitget CEO, said that over the past week, bitcoin has been trading in a “macro tug-of-war” regime, where price action is mainly driven by geopolitics, rate expectations, and liquidity conditions rather than crypto-native narratives.
Pratik Kala, portfolio manager and head of research at Apollo Crypto, said that bitcoin is now resting on a 200-week exponential moving average, “a key level that systematic and momentum trading strategies look at.”
“Breaking below would indicate more downside pressure. Market participants typically eye this level as it’s a big one,” he said.
Kala said that while it’s “hard to make predictions in the market,” if we break below that price, “we could retest 65k.”
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Bitget’s Chen said that from a technical perspective, the market is stabilizing after the shakeout, which is why her base case is consolidation in a $60,000 to $75,000 range for the next few weeks, potentially up to a month.
“That said, there’s a downside scenario, as a move toward $50,000 remains a real risk if sellers keep pressing and shorts stay aggressive, since this is the next meaningful ‘gravity level’ — a support zone that can attract bids and fuel a sharp bounce if forced selling depletes,” she said.
