Bitcoin must close week at $68.3K to avoid 'bearish acceleration': Analyst

💡 DMK Insight

Bitcoin’s struggle to reclaim the 200-week EMA is a critical moment for traders. If bulls can’t push above this level by week’s end, we might see a repeat of last year’s bearish trend, which could trigger further selling pressure. The 200-week EMA has historically acted as a significant support and resistance level, so a failure here could lead to a cascade of stop-loss orders, pushing prices lower. Traders should keep an eye on volume trends as well; a lack of buying interest could signal that the market is losing momentum. On the flip side, if bulls manage to break above this EMA, it could spark a short squeeze, leading to a rapid price increase. Watch for key resistance levels above the EMA, as they could provide insight into potential reversal points. The next few days are crucial—monitoring the daily closes will be essential to gauge market sentiment and potential direction.