Bitcoin Dips Below 350DMA at $102,500; Traders Shift to Altcoins
Bitcoin plunged to $102,500, breaking below the 350-day moving average at $102,800 and extinguishing expectations for further gains. Analysts recommend short-term approaches: accumulate promising altcoins like PUMP Coin over 2–4 months or engage in daily trading without holding positions overnight. Technical forecasts for PUMP Coin suggest a potential triangle breakout above $0.0048 if support at $0.0044–$0.0046 holds. Meanwhile, a whale closed a $200 million ETH long position for a $2.8 million profit amid Bitcoin’s decline, underscoring bearish sentiment. A retest of the daily 200MA/EMA on the total crypto market cap could trigger further corrections if bulls fail to defend key levels. Pending US budget and tariff rulings add macro uncertainty.
Bearish
Bitcoin’s failure to hold above the 350-day moving average signals a shift in momentum and undermines bullish sentiment. Combined with a large-scale ETH long liquidation that netted $2.8 million, traders view this as confirmation of growing bearish pressure. The potential retest of the daily 200MA/EMA on the total crypto market cap adds technical risk of further downside. Meanwhile, macro uncertainties such as the US budget impasse and looming tariff rulings could exacerbate volatility and weigh on prices. Historically, breaks of long-term moving averages have preceded extended corrections, suggesting that both short-term and longer-term market behavior may tilt toward negative territory as participants reassess risk.