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This is not looking good for Bitcoin right now.
$BTC has been rejected from the 50W MA, and that level is becoming critical for the broader market structure.
For the bullish case to remain intact, Bitcoin needs to reclaim the 50W MA and close the weekly candle above it. That would strengthen the case that $57K marked the cycle bottom and the next major bullish phase is underway.
The concern is that Bitcoin has faced similar rejections from this moving average before, and both instances were followed by significant downside.
If BTC closes below the 50W MA, $75,500 becomes the next important support.
Lose that level, and attention shifts toward the 200W MA, currently around $65K.
For now, the 50W MA is the level to watch. A weekly reclaim could change the picture quickly, while another rejection would keep downside risk elevated.