Bitcoin News
By MikeT
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Bitcoin is facing continued selling pressure after breaking below crucial support levels, trading at $82,499 at the time of writing.
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A key concern is the emergence of a Death Cross—a bearish crossover between the 50-period and 200-period moving averages—which suggests further downside.
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In February, Bitcoin confirmed a Death Cross on both the daily and 12-hour timeframes when its 50-period moving average (MA) dropped below the 200-period MA.
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Currently, Bitcoin’s 50-period MA stands at $97,041, while the 200-period MA is at $91,631. With Bitcoin trading well below both levels, these moving averages now act as strong…
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Crypto analyst Ali Charts recently highlighted the another bearish signal: a crossover between the 50-day and 100-day MAs on Bitcoin’s daily chart.
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Bitcoin recently failed to sustain a move above the 50% Fibonacci retracement level at $85,723. It is now testing the 23.
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If Bitcoin breaks below this level, the next target could be $80,380, which represents the 0% Fibonacci retracement from its recent highs.
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Meanwhile, Bitcoin’s previous rejection near $88,181, aligning with the 61.8% Fibonacci level, indicates that recent bullish attempts have lacked strength.
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Bitcoin’s Relative Strength Index (RSI) stood at 40.70 at the time of writing, signaling weak momentum but not yet reaching oversold conditions, which typically occur below 30.
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Historical RSI lows of 33.79 and 16.73 suggest that Bitcoin has seen deeper corrections before rebounding.
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Bitcoin’s trading volume shows an increase during price declines, reinforcing the dominance of bearish sentiment.
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For now, Bitcoin remains under pressure, testing the $82,902 support level. A breakdown below this zone could push Bitcoin toward $80,380, marking a critical support area.
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A decisive move above $85,723 could shift momentum in favor of buyers, potentially allowing Bitcoin to retest $88,181.
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With the Death Cross still in play and additional bearish signals emerging, Bitcoin’s outlook remains uncertain.
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