$BTC Bitcoin is trading around $63,000, continuing its bearish phase as the price remains well below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at approximately $75,216, $76,038, and $80,671 respectively. The loss of the previously ascending support trendline, which has now turned into a pivot resistance around $71,354, underscores a market constrained by overhead supply.
Meanwhile, the Relative Strength Index (RSI) is holding above 18 points amid ongoing downward pressure despite being in oversold territory. The Moving Average Convergence Divergence (MACD) histogram remains in negative territory with very negative readings, reinforcing the prevailing bearish momentum backdrop.
On the upside, initial resistance appears at the breached ascending trendline near $71,354, with further supply expected at the 50-day EMA around $75,216 and the 100-day EMA near $76,038, before the broader bearish structure is tested at the 200-day EMA near $80,671
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Meanwhile, the Relative Strength Index (RSI) is holding above 18 points amid ongoing downward pressure despite being in oversold territory. The Moving Average Convergence Divergence (MACD) histogram remains in negative territory with very negative readings, reinforcing the prevailing bearish momentum backdrop.
On the upside, initial resistance appears at the breached ascending trendline near $71,354, with further supply expected at the 50-day EMA around $75,216 and the 100-day EMA near $76,038, before the broader bearish structure is tested at the 200-day EMA near $80,671
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