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▲ Bitcoin (BTC)
Bitcoin (BTC) is enduring bearish pressure around the $73,000 mark. However, the chart, pushed below key moving averages, still signals that selling pressure is stronger than buying pressure.
According to Bitcoin.com, a cryptocurrency specialized media outlet, on May 28 (local time), Bitcoin moved within a narrow range between $72,622 and $76,047 during the day. The 1-hour, 4-hour, and daily charts all showed a trend of seeking direction near multi-week lows, and bearish forces maintained structural superiority across multiple timeframes.
On the 1-hour chart, after buying pressure defended the $72,600 support level, Bitcoin consolidated around $73,000. However, because this defense occurred amid declining trading volume, short-term buying conviction was limited. Short-term resistance levels were set in the $73,800 to $74,200 range, with $75,500 presented as a stronger overhead resistance.
The 4-hour chart confirmed a continued bearish structure from the previous trading period. Bitcoin broke below $75,000 and then plummeted to $72,600, a move assessed as closer to a capitulation-like decline rather than a natural correction. The current rebound is shallow and has the characteristics of a relief rally with weak trading conviction, making it difficult to speak of a mid-term trend reversal until the $77,000 to $78,000 range is recovered.
Pressure continued on the daily chart as well. Bitcoin was rejected near $82,800, creating a series of lower highs, and strong bearish candles showed selling participation near the highs. With the 24-hour intraday range remaining between $72,622 and $76,047, it failed to reach the $76,500 to $78,000 recovery zone that traders were watching to neutralize the bearish structure.
Technical indicators were largely neutral, but downward pressure remained. The Relative Strength Index (RSI) was 38, not reaching oversold territory but reflecting continuous downward pressure. Stochastic was 20, Stochastic RSI was 17, and Williams Percent Range recorded -100, suggesting that the price was approaching technically extreme levels in the short term. Momentum gave a bearish signal at -3,253, and the Moving Average Convergence Divergence (MACD) confirmed that downward momentum was still within the structure at -550.
The moving average structure issued a clearer warning. Out of 15 tracked moving averages, 13 gave bearish signals, and only the 100-day Simple Moving Average (SMA) was presented as a key technical support zone at $72,910. The 10-day Exponential Moving Average (EMA) was at $76,559, and the 10-day SMA was at $76,505, acting as short-term resistance. With the 200-day EMA at $81,355 and the 200-day SMA at $80,129 also positioned above the price, Bitcoin needs to convincingly break through the dense resistance zone of $76,500 to $78,400 to escape bearish pressure.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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