Bitcoin’s momentum is fading: Traders have these support levels in mind

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Bitcoin’s momentum is fading: Traders have these support levels in mind Bitcoin momentum is fading following drop to $76,000 as analysts warn a loss of key support at $74,000-$76,000 could trigger a deeper BTC price correction. Market analysts say Bitcoin (BTC) is showing “momentum exhaustion” after its 8% drop from multi-month highs above $82,000, with bulls expected to defend key crucial support levels. Key takeaways: - Bitcoin momentum weakens after rejection above the $82,000 level. - Analysts warn BTC could fall to $65,000 if support at $74,000-$76,000 fails. Bitcoin’s price momentum is “weakening” Private wealth manager Swissblock stated that Bitcoin’s momentum is fading following failure to “sustain expansion” above $82,000. Swissblock said that Bitcoin’s positive momentum has been losing “force with every bounce,” contributing to the latest drop to $76,000. Related: Bitcoin price stays under $77K as US bond yields near 20-year highs Bitcoin is now trading at $77,200, with the true market mean and the short-term holder cost basis around $78,000 now acting as immediate resistance. “Bitcoin is losing its capacity to regenerate strong positive momentum internally,” the wealth manager said, adding: "Momentum exhaustion is not the breakdown itself. It is the process that usually comes before it." Bitcoin performance impulse. Source: Swissblock Echoing this observation, analyst Axel Adler Jr pointed out that Bitcoin's slow impulse performance indicator has “turned negative for the first time since April,” adding: “Momentum is fading exactly as macro pressure is rising. Without Slow back above zero, every rally is unconfirmed.” Bitcoin impulse performance. Source: CryptoQuant Bitcoin’s price momentum indicator has also decreased significantly, falling by 29% over the last week to 47.1 from 66.7, indicating a "shift from strong upward to weakening momentum,” Glassnode said in its latest Market Pulse report, adding: “Bitcoin’s market structure is beginning to soften as momentum, spot demand, and speculative positioning weaken across the market.” Bitcoin price momentum. Source: Glassnode Key Bitcoin support levels to watch As Cointelegraph reported, Bitcoin’s upside hinges on bulls keeping the price above the $74,000-$75,000 zone, as it has repeatedly served as key support over the last two years. This is where the key moving averages are found, including the 50-day exponential moving average (EMA), 100-day EMA and the 50-day simple moving average (SMA), as shown in the chart below. This reinforces the importance of this demand zone and the fact that BTC/USD has not yet dipped below, “may be the most bullish thing” for Bitcoin, trading resource Material Indicators said in a recent X post. BTC/USD daily chart. Source: Cointelegraph/TradingView The second area of interest lies between $72,000 (100-day SMA) and the psychological level at $70,000. If this level is lost, BTC price could drop to $65,000 or later revisit the macro low below $60,000, reached on Feb. 6. Analyst Daan Crypto Trades Bitcoin said that if the support at $75,000-$76,000 is lost, the BTC/USD pair would retest the $72,000 “level pretty quickly.” BTC/USD daily chart. Source: X/Daan Crypto Trades Zooming out, trader CryptoAmsterdam said it would be “good” if the BTC/USD pair held support at $74,000-$76,000 (the orange area on the three-day chart below) with other areas of defense around $72,000. The analyst sets downside targets at $60,000 and $50,000 in case these support levels are breached. BTC/USD three-day chart. Source: X/CryptoAmsterdam As Cointelegraph reported, a key support level for the bulls was the 50-day SMA at $75,600, which, if lost, could see the BTC/USDT pair sink to $65,000. More on the subject

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