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Bitcoin is trying to hold onto critical support levels.
Following a controlled recovery in recent weeks, Bitcoin has once again come under pressure below the $80,000 level. One of the most important resistance levels on the chart is the 200-day moving average, located around $81,900. While Bitcoin has attempted to break above this level, a clear breakout hasn't occurred, and sellers remain active.
This recent pullback has raised the possibility of the price retesting lower moving averages. The 50 and 100-day moving averages, around $74,700 and $76,700 respectively, stand out as critical support. Bitcoin holding at these levels could be seen as a cooling-off period following the April-May rally.
However, a break below these supports increases the likelihood of the price falling to $72,500 or $70,000. The RSI indicator has also retreated from the overbought zone after the recent rise, indicating weakening upward momentum. However, there is no definitive sign that the trend has completely reversed.
Bitcoin's inability to maintain its position above $80,000 indicates that a defensive stance has emerged in the market. It is assessed that the downward movement could strengthen if selling pressure continues.
$BTC