Bitcoin trades above $77,000, tests key support at $76,466

Bitcoin moved back into positive territory on Wednesday, rebounding after a slow start earlier in the week. The cryptocurrency was trading above $77,000, as traders closely monitored the 200-day Exponential Moving Average (EMA) at $76,466, a level that has gained importance with the recent increase in bearish momentum. Bitcoin continues to defend the 200-day EMA, but has struggled to reclaim shorter-term moving averages, indicating that sellers maintain a firm grip on the market. The inability to retake these levels suggests that downside risks persist, with the 200-day EMA now acting as the critical threshold for broader market sentiment. A sustained drop below this long-term support could signal further declines, reinforcing the prevailing bearish outlook.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.