Bitcoin Faces Bearish Pressure Below Key Resistance Levels
- Bitcoin reached an intraday high of $76,047 on May 28, remaining below the $78,000 trend reversal zone.
- The MACD level at -550 and momentum at -3,253 indicate persistent bearish momentum in Bitcoin.
- Bitcoin consolidated around $73,000 after defending the $72,600 support level with fading volume.
- Local resistance is identified between $73,800-$74,200 with a stronger ceiling at $75,500.
- Daily chart shows Bitcoin rejected near $82,800 with consecutive lower highs and strong bearish candles.
The Bitcoin market remains under bearish pressure as it struggles to reclaim key resistance levels between $77,000-$78,000 needed to shift bias away from bears. The current price action indicates consolidation within a broader downtrend rather than recovery.
With Bitcoin failing to break above critical resistance levels and maintaining a bearish momentum confirmed by technical indicators like MACD and momentum readings, the path of least resistance remains downward for now. Source
