Bitcoin risks slump after hitting ‘major bear market resistance’: CryptoQuant
Cointelegraph
CryptoQuant warns that Bitcoin faces a potential downtrend after hitting its 200-day moving average, a level historically linked to bear market resistance.Summary
CryptoQuant reports that Bitcoin has reached its 200-day moving average of $82,400, a key resistance level that previously preceded price declines in 2022. The firm highlights rising unrealized profit margins and increased realized profit-taking as indicators of potential selling pressure. While some analysts maintain a bullish outlook based on pending US legislation and inflation concerns, CryptoQuant warns that current conditions mirror past bearish patterns, with potential support levels identified near $70,000.
(Source：Cointelegraph)