โ๐ BTC Market Update: Testing Critical Support at $71K
โBitcoin is currently facing significant sell-side pressure, dropping over 6% in the last 24 hours. After a sharp decline from the $78,000 region, the price is currently hovering around $71,475, searching for a stable floor.
โ๐ Technical Breakdown:
โEMA Analysis: The price is trading well below the EMA(7), EMA(21), and EMA(50) on the 1-hour chart. This "death cross" alignment across short-term averages confirms a strong bearish trend.
โImmediate Support: $70,140 (Today's Low). If this level fails to hold, we could see a slide toward the $68,000โ$69,000 zone.
โResistance to Watch: The EMA(7) at approximately $71,348 is acting as immediate resistance. A break and close above this on the 1H timeframe is needed to signal a potential relief bounce.
โMarket Sentiment: With the 30-day performance down -24.33%, the market is currently in a "Fear" phase.
โ๐ก Traderโs Note:
โThe volume remains high, indicating active participation during this dip. While the long-term outlook remains a topic of debate, short-term traders should watch for a "Double Bottom" formation near $70k or a RSI divergence before eyeing long entries.
โWhatโs your move? Are you buying the blood or waiting for $68k? Let us know in the comments! ๐
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