Bitcoin holds near $82,600 after Trump says no Iran strike before midterms
In brief
- Bitcoin held near $82,600 after Trump's Iran pledge, according to CoinDesk's Daybook.
- Liquidation pressure shifted to bearish traders after bitcoin's roughly $80,400 low Thursday, CoinDesk said.
- Ether slipped 2% to about $2,500; SOL lost nearly 4% to around $110.
- FxPro's Alex Kuptsikevich said buyers took control at bitcoin's 50-day moving average.
- Brent crude slid below $103 a barrel on Trump's Iran remarks, CoinDesk reported.
Majors lag the bounce
Ether didn't share much of it.
The second-largest crypto slipped 2% over 24 hours to about $2,500, per CoinDesk's Daybook. It's still nursing Thursday's flush, when (by CoinDesk's account) ether bets were wiped out at six times bitcoin's rate relative to its market value. SOL was the laggard among the major coins, losing nearly 4% to around $110. XRP and HYPE were little changed. The broader CoinDesk 20 index slipped about 2%.
Buyers defend the 50-day
Alex Kuptsikevich, chief market analyst at FxPro, pointed to where Thursday's selling stopped.
"At the peak of its decline on Thursday, Bitcoin fell to $80.4K, touching its lowest level in the past three weeks and its 50-day moving average, where the balance shifted in favour of buyers,"
In comments to CoinDesk, Kuptsikevich said the 50-day moving average has worked as a medium-term trend indicator since July (the price consolidated above it then) and acted as support in August. He said Thursday's dip further confirmed buying interest during pullbacks.
CoinDesk's own chart commentary put the low a touch deeper, at about $80,300, and said bitcoin is now testing overhead resistance after recovering to $82,600. The key support in that read isn't the 50-day at all: it's bitcoin's 50-week exponential moving average of around $78,000.
Oil cools, futures firm
Broader markets showed signs of recovery from drawdowns earlier in the week. S&P 500 futures rose less than 0.5% and Nasdaq 100 contracts gained nearly 1%, according to CoinDesk.
Brent crude slid below $103 a barrel on Trump's Iran remarks, a day after hitting a two-week high. CoinDesk said that drop took some heat off the inflation fears that had pushed Fed minutes toward another interest-rate increase, which is the macro thread crypto traders will keep watching as they head into the weekend.
