Bitcoin Successfully Defends $80,000... Sui and Uniswap Surge

▲ Bitcoin (BTC) ©Godasol

Despite renewed geopolitical risks in the Middle East, the cryptocurrency market did not easily collapse. With Bitcoin defending the $81,000 level, DeFi coins like Sui (SUI) and Uniswap (UNI) are leading the market's rally.

According to investment media FXStreet on May 11 (local time), Bitcoin (BTC) continues to trade above $81,000 even after US President Donald Trump rejected Iran's new armistice proposal as “completely unacceptable.” However, overall market sentiment remained neutral. The Crypto Fear & Greed Index, based on CoinMarketCap, was recorded at 51.

A bullish trend was detected in the derivatives market. Over the past 24 hours, the total liquidation volume in the cryptocurrency market reached $386 million, with short position liquidations due to short squeezes (buying pressure occurring to close or cover short-selling positions) accounting for $250 million. This is interpreted to mean that bullish bets are gradually gaining dominance in the leveraged market.

Bitcoin is currently facing resistance near its 200-day Exponential Moving Average (EMA) at $81,900. However, the 50-day and 100-day EMAs maintain an upward trend, suggesting that the mid-to-long-term outlook remains positive. The Relative Strength Index (RSI) at 63 indicated that bullish momentum is alive, but the Moving Average Convergence Divergence (MACD) showed a potential downward crossover of the signal line, raising the possibility of increased short-term selling pressure. The media analyzed that if Bitcoin breaks above the 200-day EMA, the next target area could be $90,000.

In the altcoin market, the strength of DeFi assets was prominent. Sui maintained its bullish trend around $1.3241 after surging 24% the previous day. Its RSI soared to 83, entering the overbought zone, but the MACD histogram still indicated strong upward momentum. However, the next key resistance level was presented as the 200-day EMA at $1.4420. Uniswap also traded around $4, maintaining its position above the 50-day and 100-day EMAs. The media evaluated that if Uniswap breaks above its 200-day EMA at $4.54, additional upside potential could open up to $5.41.

On the other hand, the possibility of a breakdown of lower support lines is also a variable. For Bitcoin, EMA support lines around $76,600 and $76,000 were identified as key defense zones, while for Sui, the sustainability of $1.1459, and for Uniswap, $3.79, were highlighted as important variables. The media predicted that the market has currently entered a mixed phase where Middle East risks clash with technical bullishness, and volatility is likely to increase for the time being.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*