Bitcoin hits resistance at 200-day MA, warning lights on… attention on $70k support

Bitcoin (BTC) had raised 'bull market' expectations with a rebound from its February low, but it hit resistance at the 200-day moving average, triggering a warning signal in the market again. Bitcoin, blocked by the 200-day line, shows signs of a failed rebound. Bitcoin's upward trend was halted last week after reaching its 200-day Simple Moving Average (SMA) at around $82,000. The price has since pulled back to $77,500, undergoing a correction. This pattern is similar to 2022, when a roughly 43% surge was met with resistance at the same indicator, leading to a subsequent downtrend. The 200-day line is a key criterion for determining long-term trends, and failure to break it is interpreted as a signal that the rally is likely just a 'temporary rebound'.

Catch the next bear flag

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