Bitcoin
Bitcoin Reverses Recent Gains as US Stock Market Pullback Pressures Crypto
Bitcoin erased midweek gains amid weakness across US equity markets, testing key technical channel support and moving averages.
Bitcoin experienced a $3,000 reversal, relinquishing gains made earlier in the week as declining U.S. equity markets weighed on digital assets. S&P 500 futures slid nearly a full percentage point, extending selling pressure into the cryptocurrency market.
Technical analysis indicates Bitcoin is testing the lower boundary of an ascending parallel channel along with its 50-day simple moving average. If this zone fails to hold, lower horizontal support levels sit at $81,000 and $80,300, with an extended breakdown potentially exposing the low $70,000 range.
Momentum indicators present mixed technical signals. Stochastic RSI metrics are reaching bottom levels, while the daily RSI is retesting a month-long descending trendline that could offer support. On higher timeframes, the 50-week simple moving average has begun to flatten relative to the 200-week moving average.
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