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BTC bounced off the 200-day MA - analysts warn of the risk of a new pullback 🤬
Bitcoin failed to consolidate above the 200-day moving average (~ $82,000). It was precisely the line of this indicator in 2022 that became the point after which the fall continued.
What's worrying:
🔵 The Bull Score Index has fallen to 20 - a zone of extreme bearish sentiment
🔵 Coinbase Premium remains negative - demand from buyers is weak
🔵 Spot BTC ETFs have already lost about $2 billion over the last two weeks
🕯 If the correction intensifies, the next major support level will be $70,000. Bulls need to regain $82,000, otherwise the market will start looking significantly lower again.
#BTC | #Bitcoin | $BTC