Bitcoin’s bullish push is losing a bit of steam 📉
BTC climbed hard after reclaiming both its 100-day moving average near $66,200 and 200-day moving average near $69,000 on August 19, then ran up to $81,455 on August 28 — its highest level since May. But since that peak, price action has gotten messy, with buyers and sellers trading control back and forth.
Now Bitcoin is below both its 100-hour MA at $78,025 and 200-hour MA at $78,436, trading near $77,148 after hitting a low of $76,229 today. That gives sellers the short-term edge for now.
On the daily chart, BTC also hasn’t cleared the $83,916 Fibonacci retracement level or the $80,560–$82,833 resistance zone. That means the recent bounce is still looking more like a recovery inside a broader downtrend — at least for the moment.
The key test next? Reclaim both short-term moving averages and hold them. Until then, the chart says buyers still have work to do.
Do you think BTC is just cooling off before another leg higher, or is this pullback a warning sign? 👀
#Bitcoin #BTC #CryptoMarket #TechnicalAnalysis #BinanceSquare
BTC climbed hard after reclaiming both its 100-day moving average near $66,200 and 200-day moving average near $69,000 on August 19, then ran up to $81,455 on August 28 — its highest level since May. But since that peak, price action has gotten messy, with buyers and sellers trading control back and forth.
Now Bitcoin is below both its 100-hour MA at $78,025 and 200-hour MA at $78,436, trading near $77,148 after hitting a low of $76,229 today. That gives sellers the short-term edge for now.
On the daily chart, BTC also hasn’t cleared the $83,916 Fibonacci retracement level or the $80,560–$82,833 resistance zone. That means the recent bounce is still looking more like a recovery inside a broader downtrend — at least for the moment.
The key test next? Reclaim both short-term moving averages and hold them. Until then, the chart says buyers still have work to do.
Do you think BTC is just cooling off before another leg higher, or is this pullback a warning sign? 👀
#Bitcoin #BTC #CryptoMarket #TechnicalAnalysis #BinanceSquare
