Bitcoin ($BTC) has gone through a severe downturn this week, breaking below a crucial, long-held technical zone. In this respect, the $BTC/$USDT weekly trajectory presents a substantial bearish plunge from a noteworthy rising wedge pattern. As per the data from Captain Faibik, the leading crypto asset is 10% down, hitting $78,181.80. This underscores the loss of Bitcoin’s EMA100 support level.
Sheer Bitcoin Correction Triggers Stability Concerns after Loss of EMA100 Support
The weekly on-chain data points out a critical correction in Bitcoin’s ($BTC) price performance this week. Specifically, the loss of the 7-day EMA100 support of $BTC paralleled a 10% plunge, placing it at $78,181.80. Specifically, the above-mentioned support level had delivered stability for Bitcoin for up to 840 days. So, the analysts have raised concerns about additional downside risks.
After losing the EMA100 support, the Bitcoin bulls are now looking at the $68K-$70K zone as a solid support level. Nonetheless, the sharp decline following rejection from the high point of $90,600 comes as a shock to the market participants. The development underscores the wider de-risking among the traders and bearish sentiment.
$68K-$70K Zone Underscores Decisive Region to Decide Further Trajectory
Keeping this in view, Captain Faibik considers this move as a potential market shift in the short term. Additionally, if the leading crypto asset retests the $68K-$70K region, its capability to hold on will decide the potential stability or deeper losses. However, a rebound could retrigger a bullish momentum, raising hope for a significant recovery over the weeks to come. Keeping this in view, the market onlookers and traders are closely watching whether bears prolong their dominance or bulls reclaim control over the market.
Source: https://blockchainreporter.net/bitcoin-undergoes-weekly-breakdown-as-bulls-lose-ema100-support/
