Bitcoin May Test $72,000 Support at 100-Day Moving Average
Summary
- Bitcoin failed to break above the $80,000 resistance level and entered a corrective phase, the report said.
- Holding above $75,000 on the daily chart would preserve the ascending channel structure and leave room for another break back above $80,000, it added.
- If downward pressure persists, Bitcoin could test support at the 100-day moving average near $72,000, the report said.
Forecast Trend Report by Period
Bitcoin may be headed for a retest of key support as its short-term upward momentum fades, according to an analysis cited by crypto outlet Cryptopotato.
Cryptopotato reported on May 30 that Bitcoin entered a corrective phase after failing to break above the $80,000 resistance level and the upper boundary of an ascending channel.
Price action is now moving sideways in a zone where major support and resistance levels intersect.
The outlet said the ascending channel structure would remain intact if Bitcoin holds above $75,000 on the daily chart, leaving room for another attempt to break back above $80,000.
If selling pressure persists, Bitcoin could test support at the 100-day moving average near $72,000.
Cryptopotato also cited a break below the ascending trendline on the four-hour chart as a sign that short-term momentum is weakening.
Traders are watching whether Bitcoin can hold its key support zone, which is set to shape its near-term direction.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
