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#Gate广场披萨节 Bitcoin encounters technical resistance after surpassing $77k
Bitcoin is currently trading near $77,593. From a technical perspective, Bitcoin pulled back after touching the 200-day moving average. This trend is quite similar to March 2022: at that time, Bitcoin rebounded about 43%, but after hitting the 200-day resistance, it weakened again and continued to decline.
What is more concerning is that Bitcoin has once again fallen below the 21-week exponential moving average (21W EMA). Analysts point out that this level may have shifted from support to resistance, and if it cannot regain this level, it will increase the risk of short-term volatility and pullback.
On-chain data reveals deeper concerns. The Coin premium index has fallen to multi-month lows and has remained negative recently, indicating that buying pressure in the U.S. market remains weak. Even though BTC prices are still high, the marginal buying interest from U.S. investors has not increased accordingly.
CryptoQuant’s analysis further supports this view: after breaking above $80,000, overall demand for Bitcoin has shifted from expansion to contraction. Speculative demand in perpetual futures has rapidly reversed, spot market demand is shrinking even faster, and U.S. spot ETFs are experiencing weekly net outflows. All three demand indicators have turned negative, weakening the support base that helped the rebound from April to May. $BTC