Crypto News: Bitcoin Support Fails Below $68,000
Bitcoin Price Strength Fizzles Below Key Support Levels
Data from TradingView showed that Bitcoin (BTC) failed to reclaim some recently lost support levels as its price at $70,000 rebounded and then began to give back gains. The pair had climbed as high as $70,040 the day prior.
Traders Remain Cautious on BTC Price Action
Data from TradingView showed that daily losses on BTC/USD passed 1% with $67,000 coming back into focus. Analysts and traders remain highly cautious on BTC price action across short and long time frames.
Rekt Capital highlighted the 200-week Exponential Moving Average (EMA) as acting as resistance for Bitcoin’s price movement. He stated that history suggests price will favour additional downside if Bitcoin remains below this level.
TheKingfisher also noted liquidity levels and showed that BTC/USD ran out of steam after taking out a ladder of liquidity below $69,000. Trading resource TheKingfisher’s analysis underscores the cautious stance among traders regarding the current market conditions.
Analysts Rekt Capital and Roman both emphasized that it is not yet time to call an end to Bitcoin’s bear market based on historical precedents and recent drawdowns in previous cycles. Both analysts highlighted standard bear market drawdowns of 80% from their peaks, which adds further weight to the cautious stance among traders.
Despite these analyses, traders like Jelle remain cautious about predicting a reliable trend change, emphasizing the importance of being patient and taking it slow in the current market conditions.
The article concludes by reiterating that every bear cycle has dropped nearly 80% from its peak, underscoring the need for patience among investors navigating this volatile market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article.
