$BTC Tests the 50_SMA(Daily) Again — Is a Break Below $80,000 Next? Bitcoin’s bullish move yesterday failed to break the Resistance Zone($81,950-$82,960), while renewed weakness in the S&P 500 added selling pressure across the crypto market. Technical Analysis Bitcoin is now testing the 50_SMA(Daily) for the fourth time. Although yesterday’s move below it resulted in a False Breakout, another breakdown attempt is underway. From an Elliott Wave perspective, Bitcoin appears to be preparing for another Bearish Wave. I expect a break below the 50_SMA(Daily) and another move toward the Support Zone($79,180-$80,400). Stronger bearish momentum could extend the decline toward the Cumulative Long Liquidation Leverage($79,000-$79,720). Targets: $80,320 / ($79,000-$79,720) Stop Loss(SL): $82,700(Worst) Can Bitcoin defend the 50_SMA(Daily), or will sellers push it below $80,000? If you found this analysis useful, follow for more.