• Bitcoin (BTC) is on a further downside as a new weekly close below the 200-week moving average signal.
  • A rejection from BTC above $26,000 would welcome the bears as a double confirmation of the breakdown.
  • According to crypto analyst Recto Capital, the 200-week moving average is a solid resistance zone.

With Bitcoin bulls facing rejection above $26,000, a top analyst said the price of the benchmark cryptocurrency is facing renewed downward pressure.

BTC price is currently up 2.4% over the past week, but has failed to break through key resistance near $26,600. Last week’s drop to a low of $24,800 amid negative regulatory headlines only seemed to have encouraged the bears further.

Bitcoin Positions Downward

According to cryptocurrency analyst Recto Capital, the technical outlook for Bitcoin suggests further declines are possible. This was after a new weekly close fell below the 200-week moving average, which was [a] breakdown,” the analyst said.

Bitcoin price recovered from a low of $24,800 last week after the market reacted sharply to the SEC lawsuit against crypto exchanges Binance and Coinbase. Rekt Capital, Comments After Rise was suggested Bitcoin hasBreaking into the 200-week moving average

He noted that if the bears manage to turn this zone into a new resistance, BTC could receive a “two-step breakdown confirmation.” Such a pricing scenario could bring further downward pressure.

T.Technically, BTC is on the downside. why? Because there is a new weekly close below the 200-week moving average line. As a result, $BTC has double-checked the breakdown from the 200-week moving average.Continued denials here could drive prices down,” he tweeted Monday, pointing to last week’s forecast.

here it is chart Analysts shared that both the downtrend line and the 200-week moving average showed Bitcoin’s rejection.

If Bitcoin abandons the $26,000 levels again, a rally to June lows could create more room for losses. However, as BitMEX founder and former CEO Arthur Hayes pointed out last week, the cryptocurrency will be in a long, sideways move before a new trigger triggers an “autumn rally.” are likely to experience pain in

As reported by CoinJournal, the BitMEX founder believes the trigger will be retail trading, with the next bull market likely to be led by Chinese traders. BlackRock’s filing of a spot Bitcoin ETF could also provide a big tailwind in the coming months.

By Jules

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