to leave a comment.
▲ Bitcoin (BTC)/ChatGPT generated image
Bitcoin (BTC) has lost the $75,000-$76,000 support zone, allowing bearish forces to take control, and the market's attention is now focused on the $70,000 defense line.
According to crypto media outlet CryptoPotato on May 28 (local time), Bitcoin is under pressure after breaking below the key support zone between $75,000 and $76,000. Overall market sentiment remains cautious due to a combination of weakening Bitcoin spot ETF inflows and deteriorating technical structure.
On the daily chart, Bitcoin officially fell below the $75,000-$76,000 range, which previously acted as a major turning point. CryptoPotato reported that a continued bearish trend was confirmed after Bitcoin failed to recover the declining 200-day moving average near $80,000 to $81,000 on several occasions.
Currently, Bitcoin is approaching a major cluster of support between $70,000 and $72,000. This zone coincides with the lower trendline of the ascending structure, the 100-day moving average near $73,000, and a key historical buying zone on the chart. CryptoPotato explained that the likelihood of a short-term rebound or relief rally could increase in areas where multiple support factors converge.
However, if the $70,000-$72,000 range is not held, downward pressure could intensify more rapidly. According to the article, if this support line is successfully defended, Bitcoin could retest the broken $75,000-$76,000 resistance zone. Conversely, if the support line breaks, a path for decline could open up to the $65,000-$66,000 support zone, and more broadly, to the $60,000-$63,000 demand zone.
The bearish trend is also evident on the 4-hour chart. After breaking out of the sideways structure near $75,000-$76,000, Bitcoin's downward momentum accelerated, with lower highs and repeated resistance candles dominating the short-term trend. CryptoPotato highlighted the $70,000-$72,000 zone as the most critical short-term battleground where buyers and sellers clash.
The cumulative fund flow of Bitcoin spot ETFs has also been presented as a warning sign. While Bitcoin attempted several recoveries in recent months, cumulative ETF inflows have slowed and weakened with the recent correction. CryptoPotato pointed to a significant cooling of institutional demand compared to previous accumulation phases and a lack of fresh capital inflows as one of the reasons for the failure to sustain an uptrend above $80,000-$82,000.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.