#BitcoinFiveWeeklyLosses Bitcoin just lost $74,000 — and the level it is sitting on matters more than the number.
BTC fell to $73,510 overnight and now trades near $73,960, down about 2.3% on the day. That puts it below its 200-day average — the line traders treat as the dividing mark between a long-term uptrend and a downtrend.
Bitcoin was resting right on that line yesterday. Tonight it gave way, after five straight weekly losses and a $1.28 billion week of ETF outflows.
The setup from here is simple. Above, $80,000 is the ceiling bulls must reclaim — it sits just over the 50-day average near $79,000. Below, the next support does not appear until about $65,000.
The catch: this is still a slow correction, not a panic. RSI sits near 38 — weak, but not washed out. Sellers have room to push before a relief bounce becomes likely.
A daily close below the 200-day average would confirm the long-term trend has flipped. Watch the close.
BTC sits near $73,960, down about 2.3% on the day.$BTC $RE $RIF
BTC fell to $73,510 overnight and now trades near $73,960, down about 2.3% on the day. That puts it below its 200-day average — the line traders treat as the dividing mark between a long-term uptrend and a downtrend.
Bitcoin was resting right on that line yesterday. Tonight it gave way, after five straight weekly losses and a $1.28 billion week of ETF outflows.
The setup from here is simple. Above, $80,000 is the ceiling bulls must reclaim — it sits just over the 50-day average near $79,000. Below, the next support does not appear until about $65,000.
The catch: this is still a slow correction, not a panic. RSI sits near 38 — weak, but not washed out. Sellers have room to push before a relief bounce becomes likely.
A daily close below the 200-day average would confirm the long-term trend has flipped. Watch the close.
BTC sits near $73,960, down about 2.3% on the day.$BTC $RE $RIF
