A prominent analyst and trader has warned that Bitcoin (BTC)’s months-long bull run is now just a glimmer of hope.
Altcoin Sherpa, an anonymous analyst, told his 219,700 followers on social media platform X that he was watching Bitcoin price closely as it moved near $58,000.
According to the trader, an immediate drop below $58,000 could spell trouble for the crypto king.
“$58,000 would be my level of interest for BTC. I expect a pullback. The reaction in that area will tell.
If you resist strongly, we will test higher levels.
Weak or non-existent repulsion = We go to Hades.”
The cryptocurrency strategist said he was seeing encouraging responses from BTC bulls as he updated the charts.
“The response to BTC has been good so far.”
As of this writing, Bitcoin is trading at $59,604, up more than 1% on the day.
The analyst is also watching the recovery of Solana (SOL) competitor Sui (SUI). According to the trader, SUI is showing bullish momentum, but he warns that the altcoin will meet resistance at the 200-day exponential moving average (EMA) hovering above $1.
“I think you’re just following the momentum, and maybe it’s just a bid. But I don’t remember when people were that concerned about speed/cost on blockchain. They’ll go where the $/value is for the gamble. That’s it.
The 200 day EMA is coming up so maybe we need to be careful… but the chart still looks pretty good.”
At the time of writing, SUI is worth $1.01, up about 14% in the last 24 hours.
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