Bitcoin Faces Bearish Pressure as It Trades Below Key Support Levels
- Since late January, Bitcoin (BTC) has lost over 29% of its value.
- BTC is currently trading between $80,000 and $85,000.
- The cryptocurrency has broken below the Daily 200-Moving Average (MA) and retested it as resistance.
- Market sentiment remains bearish with fears of a continued downtrend.
- Bulls need to reclaim the $86,000 level for a potential uptrend.
Bitcoin’s persistent downtrend since late January has seen it lose over 29% in value, now trading between $80,000 and $85,000. The failure to hold above key technical levels like the Daily 200-MA signals continued bearish pressure. Investors are cautious as market sentiment remains overwhelmingly negative.
Source (2.6)https://www.newsbtc.com/bitcoin-news/bitcoin-lost-and-retested-the-200-day-ma-as-resistance-heres-what-happened-last-time/?rand=52377
