BTC Rejected Moving Average Again: Will Bulls Breakout? 🤫
Bitcoin ($BTC) remains stubbornly around the $77k level after its 200-day moving average rejection. Rising inflation and Treasury yields are putting pressure on risk assets, pushing Bitcoin below key support levels. [CoinJournal]
Key points:
1. BTC's rejection of the 200-day MA mirrors past cycles.
2. Negative funding rates and bullish options market skews indicate cautious sentiment.
3. Institutional outflows signal a mixed picture.
Technical outlook: BTC consolidates around $77k, held back by the 200-day EMA at $81,845. Immediate resistance is near the 50% Fibonacci retracement level at $78,962. A breakout here could push toward higher highs. Otherwise, support lies below at key levels like the 38.2% Fibonacci retracement around $74k.
Are you ready for a potential Bitcoin breakout? Or are we seeing yet another consolidation phase? 👇