Bitcoin Fails to Hold 200-Day MA, Bears Maintain Market Control
Bitcoin Price Analysis
Bitcoin is trading below key support levels after a significant sell-off, losing over 29% since late January. Market conditions are volatile due to fears of a global trade war, impacting both crypto and U.S. stock markets.
- Market sentiment is bearish; BTC has failed to hold the Daily 200-Moving Average (MA), indicating potential further declines.
- Caution prevails among investors as they await clear signals for market direction.
- Analyst Daan noted that if bulls do not reclaim the 200-day MA, BTC may face additional downside risks.
- Current trading range is between $80,000 and $85,000, with panic selling affecting price stability.
- A bullish reversal requires BTC to maintain levels above $80,000 and reclaim $86,000.
- If BTC breaks below $80,000, further corrections could occur, extending bearish market trends.
The next few weeks will be critical for Bitcoin’s price action as investors monitor for signs of stabilization or further declines.