$BTC Tests the 50_SMA(Daily) Again — Is a Break Below $80K Coming?
Bitcoin’s strong bullish move yesterday failed to break above the Resistance Zone ($81,950-$82,960), and renewed weakness across U.S. equities added pressure to broader Risk-On sentiment.
Now, BTC is once again testing one of its most important dynamic support levels.
Macro Outlook
Weakness in U.S. equities, particularly technology-related stocks, remains an important risk for Bitcoin.
During sharp Risk-Off moves, Bitcoin and Ethereum can show increased short-term correlation with U.S. equities. If selling pressure in stocks intensifies again, the crypto market could face additional downside pressure.
Technical Analysis
Bitcoin is currently testing the 50_SMA(Daily) for the fourth time.
BTC briefly moved below this moving average yesterday but quickly recovered, creating a False Breakout.
Now, another attempt to break this important Dynamic Support is underway.
From an Elliott Wave perspective, Bitcoin appears to be preparing for another Bearish Wave, suggesting that the current corrective structure may not yet be complete.
I expect BTC to eventually break below the 50_SMA(Daily) and make another attempt toward the Support Zone ($79,180-$80,400).
If bearish momentum strengthens, the decline could extend into the Cumulative Long Liquidation Leverage ($79,000-$79,720).
Trade Setup
First TP: $80,320
Second TP: ($79,000-$79,720)
Stop Loss: $82,700
Key Levels: $83,370 | $84,000
Geopolitical developments in the Middle East also remain an important volatility risk. Any sudden escalation or de-escalation could quickly affect Bitcoin and broader financial markets.
For now, the 50_SMA(Daily) is the main level standing between BTC and another move below $80,000.
Which level will Bitcoin reach first?
🔴 ($79,000-$79,720)
🟢 $82,700
#bitcoin
Bitcoin’s strong bullish move yesterday failed to break above the Resistance Zone ($81,950-$82,960), and renewed weakness across U.S. equities added pressure to broader Risk-On sentiment.
Now, BTC is once again testing one of its most important dynamic support levels.
Macro Outlook
Weakness in U.S. equities, particularly technology-related stocks, remains an important risk for Bitcoin.
During sharp Risk-Off moves, Bitcoin and Ethereum can show increased short-term correlation with U.S. equities. If selling pressure in stocks intensifies again, the crypto market could face additional downside pressure.
Technical Analysis
Bitcoin is currently testing the 50_SMA(Daily) for the fourth time.
BTC briefly moved below this moving average yesterday but quickly recovered, creating a False Breakout.
Now, another attempt to break this important Dynamic Support is underway.
From an Elliott Wave perspective, Bitcoin appears to be preparing for another Bearish Wave, suggesting that the current corrective structure may not yet be complete.
I expect BTC to eventually break below the 50_SMA(Daily) and make another attempt toward the Support Zone ($79,180-$80,400).
If bearish momentum strengthens, the decline could extend into the Cumulative Long Liquidation Leverage ($79,000-$79,720).
Trade Setup
First TP: $80,320
Second TP: ($79,000-$79,720)
Stop Loss: $82,700
Key Levels: $83,370 | $84,000
Geopolitical developments in the Middle East also remain an important volatility risk. Any sudden escalation or de-escalation could quickly affect Bitcoin and broader financial markets.
For now, the 50_SMA(Daily) is the main level standing between BTC and another move below $80,000.
Which level will Bitcoin reach first?
🔴 ($79,000-$79,720)
🟢 $82,700
#bitcoin