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Bitcoin is trying to maintain the critical support level.
After a controlled recovery in recent weeks, Bitcoin has once again come under pressure below the $80,000 level. One of the most important resistance levels on the chart is the 200-day moving average, which is around $81,900. Although Bitcoin has attempted to break through this level, no clear breakout has occurred, and sellers remain active.
This latest pullback increases the likelihood that the price will retest the lower moving averages. The 50-day and 100-day moving averages, approximately $74,700 and $76,700 respectively, stand out as critical supports. Bitcoin holding at these levels can be seen as a cooling-off period after the April-May rally.
However, a break below this support increases the chances of the price falling to $72,500 or $70,000. The RSI indicator has also retreated from the overbought zone after the recent rise, indicating weakening upward momentum. Still, there is no definitive sign that the trend has fully reversed.
Bitcoin's inability to hold above $80,000 suggests that a defensive stance has emerged in the market. It is expected that downward movement could strengthen if selling pressure continues.
$BTC