Bitcoin Faces Resistance Near $78,400 Amidst Weakening Momentum
- Bitcoin traded between $76,900 and $77,465 on May 18, maintaining support above $76K.
- Market indicators like MACD and Momentum show bearish signals for BTC.
- Trading volume for Bitcoin reached approximately $33 billion on Monday.
- Resistance levels are observed near the $78,500 to $79,000 range.
- A significant purchase added approximately $2.01 billion worth of Bitcoin to a treasury, totaling holdings at over 843,738 BTC.
The BTC market shows signs of weakening momentum with key resistance levels forming around the $78,400 mark as traders monitor potential movements above or below this threshold.
Despite recent consolidation in the market, Bitcoin’s broader bullish structure remains intact as long as it holds above critical support zones between $74,000 and $76,000.(Source)
