Bitcoin Lost And Retested The 200-Day MA As Resistance – Here’s What Happened Last Time

This article discusses the current state of Bitcoin in the market, highlighting the significant decrease in value and the growing fear and uncertainty among investors. The global trade war fears and volatile macroeconomic conditions have contributed to the downward trend in both the crypto and U.S. stock markets.

The article emphasizes that Bitcoin is trading below crucial support levels and has failed to hold key technical levels, indicating a bearish sentiment in the market. Analysts suggest that if Bitcoin does not reclaim lost ground, further downside risk is expected, potentially leading to lower support levels.

Furthermore, the technical analysis by Daan shows that Bitcoin has broken below the Daily 200-Moving Average (MA) and has retested it as resistance, suggesting that bears are in control and that bulls need to make significant efforts to reclaim this level.

In conclusion, the article points out that the next major move in the market will depend on whether bulls can regain momentum or if selling pressure will drive Bitcoin to lower levels. Investors are advised to remain cautious and monitor the market closely for signals of stabilization or further decline.