Bitcoin’s Key Resistance Stall Could Send it Tumbling Much Lower: Analysts
Bitcoin has hit resistance at its 200-day moving average and is showing signs of a trend reversal, according to CryptoQuant on Wednesday. The move closely mirrors a March 2022 pattern where a 43% rally stalled at the same level before prices declined further. “Overall, Bitcoin demand has flipped into contraction,” the analyst wrote .
” This score is consistent with the deep bear market readings of February and March, when prices declined to $60,000, and historically “has preceded either further price weakness or extended consolidation,” they added. Bitcoin Correction Likely to Continue If the correction continues, the $70,000 level represents the primary on-chain support target, the traders’ on-chain realized price.
The analysts noted that this level has functioned as a “precise inflection point” throughout the current bear market cycle. A break below this back into the $60k zone could result in new bear market lows, however. Meanwhile, Glassnode reported on Wednesday that Bitcoin has reclaimed the True Market Mean at $78,300 but failed to sustain above it.
However, it also noted that the correction from recent highs is likely to continue if previous cycle patterns repeat. ” Bitcoin momentum has faded from full max momentum, reported Swissblock on Thursday. ” Bitcoin momentum has faded from full max momentum.
5, this does not imply breakdown. What usually follows is consolidation. The key reference is June–July 2025.
7% from $76,600 to tap $78,000 twice during the Thursday morning Asian trading session. However, this level is also a resistance zone that needs to be overcome quickly for BTC to reach $80,000 again. Volumes and sentiment suggest it will be thwarted here again.
Ether prices have mirrored the move, but it remains bearish under $2,150 at the time of writing, while the altcoins were notching larger gains. Hyperliquid and Zcash had exploded with double-digit gains on the day. The post Bitcoin’s Key Resistance Stall Could Send it Tumbling Much Lower: Analysts appeared first on CryptoPotato .
