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 juncture for traders right now. If bulls can’t push above this level by week’s end, we could see a repeat of last year’s bear market, which would likely trigger further selling pressure. The 200-week EMA has historically acted as a significant support and resistance level, so a failure to reclaim it could lead to a cascade of stop-loss orders being triggered, pushing prices down further. Traders should keep an eye on volume trends as well; a lack of buying interest could signal that the bearish sentiment is gaining traction. On the flip side, if bulls manage to break above this level, it could open the door for a short squeeze, especially if retail traders start jumping back in. Watch for key resistance levels above the 200-week EMA, as they could provide insight into the strength of any potential rally. This week is pivotal, so stay alert for any shifts in momentum.