$BTC Technical Update 📉
Bitcoin remains under significant technical pressure, with price continuing to trade well below the 100 EMA, keeping the broader bearish trend intact.
The bearish outlook shared on June 9 continues to play out. At the time, BTC was trading near $62K. It is now around $60.3K, having lost the critical $69K support level, while the 100 EMA has climbed to approximately $80.6K, widening the gap between price and trend resistance.
The rejection near $84K in May confirmed that the long-term descending trendline is still valid, reinforcing bearish market structure.
From a technical perspective, the next major support lies around $53,500—a key demand zone established during the 2024 accumulation phase. If that level fails to hold, the next significant support is near $47K.
Key Levels: 🔻 Support: $53,500 → $47,000 🔺 Resistance: $69,000
A weekly close above $69K would be the first meaningful sign of trend improvement. Until then, any rallies are likely to face selling pressure, and bears remain in control.
#BTC #Bitcoin #Crypto #TechnicalAnalysis #Trading #TradebStocks
Bitcoin remains under significant technical pressure, with price continuing to trade well below the 100 EMA, keeping the broader bearish trend intact.
The bearish outlook shared on June 9 continues to play out. At the time, BTC was trading near $62K. It is now around $60.3K, having lost the critical $69K support level, while the 100 EMA has climbed to approximately $80.6K, widening the gap between price and trend resistance.
The rejection near $84K in May confirmed that the long-term descending trendline is still valid, reinforcing bearish market structure.
From a technical perspective, the next major support lies around $53,500—a key demand zone established during the 2024 accumulation phase. If that level fails to hold, the next significant support is near $47K.
Key Levels: 🔻 Support: $53,500 → $47,000 🔺 Resistance: $69,000
A weekly close above $69K would be the first meaningful sign of trend improvement. Until then, any rallies are likely to face selling pressure, and bears remain in control.
#BTC #Bitcoin #Crypto #TechnicalAnalysis #Trading #TradebStocks
