Bitcoin (BTC<\/a>) fell to multi-day lows at the June 5 Wall Street open as action heated up on exchanges.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD wicking to $26,640 on Bitstamp.<\/p>\n Down nearly 3% versus the weekend\u2019s highs, the pair looked weak as key support lines inched closer.<\/p>\n Among these was the 200-week moving average (MA), now at $26,400, which had weathered repeated tests to stay as support since mid-March.<\/p>\n \u201cBitcoin is going to get another retest of support at the 200-Week MA (purple),\u201d Keith Alan, co-founder of monitoring resource Material Indicators, warned in commentary on the weekly chart. <\/p>\n \u201cIMO, a Weekly candle close below the 200-Week MA would be an indication that the bottom isn\u2019t in yet. Things could get spicy this week. The last line of defense is at the 50-Month MA around $25.5k.\u201d<\/p><\/blockquote>\n Others eyed similar areas for bulls\u2019 last stand to take place.<\/p>\n \u201cBitcoin is, still, stuck in the range-bound area where $26,600 is the important area to hold,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, told Twitter followers on the day.<\/p>\n \u201cCouldn\u2019t break $27,500. The standard Sunday\/Monday dump took place, let\u2019s see what the week will bring going forward. Pretty relaxed macro-economic week too.\u201d<\/p><\/blockquote>\n Material Indicators itself, meanwhile,\u00a0uploaded<\/a> a chart of liquidity on largest global exchange Binance.<\/p>\n Commenting on Alan\u2019s findings, it argued that the United States Federal Reserve decision on interest rates due June 14 would be the ultimate \u201cdo or die\u201d moment.<\/p>\n “If Technical Support levels at the key Moving Averages is lost, the next level of support would be around the 2017 Top, which has confluence with the trend line,” it wrote. <\/p>\n \u201cBTC liquidity remains thin on both sides of price. Markets await the June 14th FED rate hike decision.”<\/p><\/blockquote>\n Trader Daan Crypto Trades was among those who noted noises coming from futures markets, where open interest was increasing.<\/p>\n Related:\u00a0\u2018$31K was not the end\u2019 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Action going on over at the Binance $BTC<\/a> Futures pair.<\/p>\n Seeing some big walls towards both sides. Some of them getting filled while some are likely spoof orders.<\/p>\n Meanwhile, Open Interest is going up and fundingg is going down. pic.twitter.com\/Rq3vQDuNJo<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) June 5, 2023<\/a><\/p><\/blockquote>\n Trading suite DecenTrader likewise noted a \u201csignificant increase\u201d in open interest, with long positions becoming more prominent before the Wall Street open.<\/p>\n This seems to mostly be coming from #Bitcoin<\/a> Longs as we are seeing an increase in both Funding Rates and the Long\/Short ratio. https:\/\/t.co\/I48kl4kbGW<\/a> pic.twitter.com\/pDf57zs2W4<\/a><\/p>\n \u2014 Decentrader (@decentrader) June 5, 2023<\/a><\/p><\/blockquote>\n Data from monitoring resource CoinGlass, meanwhile, showed<\/a> liquidations more impacting longs for June 5, with cross-crypto position losses totaling $33 million at the time of writing.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/c4957391-80e5-4c6e-8e0a-fc7eacada6ef.png\")
Van de Poppe: Trend line failure could mean \u201cbottom isn\u2019t in yet\u201d<\/h2>\n
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Exchange speculation heats up<\/h2>\n
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