Let’s Talk Bitcoin

$BTC Last week’s close fell back below the 50-week moving average, breaking the structure that had held above it for seven consecutive weeks

I think this signal is still worth paying attention to:

After all, since rebounding from the late-June low, the market has been trying to confirm that the bear market is over, and reclaiming the 50-week moving average was one important piece of evidence

Now that the price is back below the moving average, it at least means the previous recovery expectations need to be reassessed

Looking at the short term, BTC has pulled back to around 74K. The weekend sell-off hit a low of 73.3K, and the rebound has also been fairly limited

I’m still leaning bearish for now and don’t see any structure that makes a compelling case for actively going long:

The key level to watch next is the low around 73.3K. If it continues to break down, we may have to look lower for new buyers

Rather than trying to call the bottom, I’d rather wait for the market to give a clear reversal signal