JOIN ME LIVE AT 9 AM ET FOR: TRENDING THURSDAYS
The crypto bulls have been celebrating something interesting lately — and honestly, I understood the enthusiasm at first.
When the market was down earlier this year in February, March and April, we saw a 20% peak-to-trough decline in the S&P 500 (SPY) and over 20% in the Nasdaq.
Meanwhile, Bitcoin dropped about 30%, from $106k to $76k. The Bitcoin crowd was excited about this disconnect, thinking it signaled a new era where crypto would trade with less correlation to equities.
But here’s the reality — Bitcoin is still volatile, and with risk-off trading showing up in the broader market, we’re seeing crypto come under pressure. The SPY has made several all-time highs since then, and gold has outperformed Bitcoin this year.
That disconnect everyone was celebrating? It’s looking more like wishful thinking than a fundamental shift.
The Two Support Levels That Matter Most
I’m watching Bitcoin’s technical structure closely right now, and there are two specific levels that stand out to me as critical lines in the sand…
First up is $100,000 — a psychological support level that could attract buyers. If we don’t see a strong bounce around this $100k level, then we could drift down to around $90,000, maybe even slightly below.
That’s the level I’m really focused on.
If $100k shows a responsive bounce, and we’re up to $105k late Wednesday afternoon, that tells me there are buyers willing to step in at that psychological round number. But if we need to test $90k, that’s where the real technical support sits — it represents a multi-year support level that absolutely must hold for the bullish case to remain intact.
Why I’m Not Calling the Bottom Yet
Things have been pretty nasty for Bitcoin lately, and there’s still room for it to drop below $100k.
The challenge is that if the broader market continues its risk-off tone and slides down to the 50-day moving average, that pressure will bring crypto assets lower as well.
We’re not operating in a vacuum here.
I’m still bullish on Bitcoin long term. But this is a pain trade right now, and I’m not interested in trying to be a hero and call the exact bottom. The smart play is patience — wait for price to show us where the real buyers are, whether that’s at $100k or down at $90k.
If we see a similar pattern to previous pullbacks where Bitcoin finds support at key moving averages, spends some time building a base and then works its way back up, then we’ll have our answer. But until then, this isn’t the time to chase.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
- Telegram:https://t.me/+av20QmeKC5VjOTc5
- YouTube:https://www.youtube.com/@FinancialWars
- Twitter:https://x.com/realchrispulver
- Facebook: https://facebook.com/therealchrispulver
Important Note: No one from the ProsperityPub team or Chris Pulver Trading will ever contact you directly on Telegram.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. I’m Handing Out the Top Breakout Names on My No. 1 Scanner
There are over 10,000 tradable stocks on the market, and I already have the top names to trade this week.
He’s handing them out completely free today…
We develop tools and strategies to the best of our ability but no one can guarantee the future. There is always a risk of loss when trading past performance is not indicative to future results. We make no future earnings claims and you may lose money. The trades shown are from historical back tested data in order to demonstrate the potential of the new system.
