Bitcoin (BTC) Price Outlook: Bulls Fight Resistance From 200-Day EMA at $58,178

The largest single liquidation order happened on OKX involving a BTC/USDT swap valued at $11.64 million.

Bitcoin dropped below the 200-day EMA on June 22, sparking a downtrend that saw BTC prices fall to lows of $46,000. Since then, Bitcoin has recovered, but the 200-day EMA has capped further gains.

On the other hand, Bitcoin bulls managed to defend the 50-day EMA ($54,880) and the 100-day EMA ($56,080) throughout the downturn. This provided support for BTC prices as they rebounded from the lows.

Now, BTC bulls need to flip the 200-day EMA into support to pave the way for further gains. Failure to do so will keep Bitcoin prices largely confined within a downtrend.

At the time of publication, Bitcoin was trading at $57,805, down 0.05% on the day and 25% below its all-time highs. The world’s largest cryptocurrency had a total market cap of over $1.1 trillion.

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