3 weeks ago
23
Key Takeaways
- BTC trading at $74,526, down 1.34% on the day, below SMA50 at $76,544
- Fibonacci 0.382 at $74,179: first structural support below current price
- SMA200 at $80,682 rejected price multiple times in May before breakdown
- SMA100 at $72,619: next major support if Fibonacci 0.382 fails
- RSI at 37.43, signal at 51.29: momentum firmly negative on daily
How the Breakdown Developed
Multiple rejections at the SMA200 near $80,682 throughout May established the ceiling that price could not clear. After several failed attempts to break above the SMA200, Bitcoin began losing the upward momentum that had been driving the market since late April. The break below the SMA50 at $76,544 was the structural confirmation of that momentum loss.
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