BTC $79,444.09 -2.70%

ETH $2,295.44 -4.73%

BNB $719.93 -4.02%

XRP $1.259 -3.97%

SOL $99.050 -5.36%

TRX $0.3286 -0.30%

FIGR_HELOC $1.022 -0.61%

ZEC $1,133.75 -8.93%

HYPE $74.904 -4.78%

DOGE $0.07532 -6.27%

BTC $79,444.09 -2.70%

ETH $2,295.44 -4.73%

BNB $719.93 -4.02%

XRP $1.259 -3.97%

SOL $99.050 -5.36%

TRX $0.3286 -0.30%

FIGR_HELOC $1.022 -0.61%

ZEC $1,133.75 -8.93%

HYPE $74.904 -4.78%

DOGE $0.07532 -6.27%

Omkar Godbole,Shaurya Malwa Bitcoin Ren

Live updates: What next for bitcoin as it faces headwinds from Fed rates to Claude's Mythos

In this news:

David Nicholas, CEO and Founder of XFUNDs by Nicholas Wealth and portfolio manager of several actively managed ETFs including BLOX, which maintains bitcoin as a core holding, views the current bitcoin market as technically damaged.

He notes that BTC is trading roughly 20% below its 50-day moving average, a situation he describes as a “broken chart.” This significant deviation has prompted Nicholas to maintain defensive hedges on the position while monitoring for signs of stabilization.

As of writing, bitcoin changed hands near $61,400, with the 50-day simple moving average at $75,020, according to CoinDesk data.

Despite acknowledging oversold conditions that could fuel a short-term bounce, Nicholas remains cautious. According to him, at least a 20% recovery is needed to turn bullish on BTC, yet even that move would still leave price action well below the 200-day moving average.

Other traders have mentioned levels ranging from $68,000 to $80,000 as thresholds that need to be breached for a bull revival.

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