Cryptocurrency

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-discusses-bitcoins-struggles-with-resistance-levels/" data-wpel-link="internal">Analyst Discusses Bitcoin’s Struggles with Resistance Levels</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoins-performance-and-future-prospects/" data-wpel-link="internal">Bitcoin</a></strong> is trading about 20% below its all-time high reached in March. Analysts indicate market movements are giving dangerous signals. Nicholas Merten stated that Bitcoin’s failure to surpass a significant resistance level shows weakness and does not indicate a new <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">bull market</a>. Bitcoin’s drop below the 200-day moving average is considered a sign that the downtrend could deepen.</p> 
<h2 style="text-align: justify" id="bitcoin-s-performance-raises-questions">Bitcoin’s Performance Raises Questions</h2> 
<p style="text-align: justify"><strong>Cryptocurrency</strong> markets can experience new fluctuations at any moment. Bitcoin’s recent performance has raised questions among many investors. Bitcoin, which reached $73,000 in March, is currently trading 20% below this level. Analyst Nicholas Merten points out that Bitcoin’s downward trend paints a pessimistic picture.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-382285 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-coin-turk-com-.webp" alt="" width="1440" height="771"></p> 
<p style="text-align: justify">According to Merten, the biggest challenge Bitcoin currently faces is failing to surpass the resistance level around the 21-day moving average. The resistance level at $62,000 is seen as the biggest obstacle to an upward movement in Bitcoin’s price. In recent weeks, Bitcoin has tested this level multiple times but has pulled back each time.</p> 
<h2 style="text-align: justify" id="worrisome-development-in-btc">Worrisome Development in BTC</h2> 
<p style="text-align: justify">Another worrisome development is Bitcoin’s drop below the 200-day moving average. Falling below $58,000 is considered a strong signal that the downtrend has begun. <strong>Merten</strong> states that dropping below this level is a serious warning, and investors should watch this situation closely.</p> 
<p style="text-align: justify">Merten believes that for Bitcoin to enter a new bull market, it must surpass previous high levels. A weekly close above $69,000 could be interpreted as the beginning of a new upward wave. However, the current situation shows that Bitcoin is struggling to surpass this level, indicating that the <strong>market</strong> is at an uncertain point.</p> 
<p style="text-align: justify">Uncertainty in Bitcoin and cryptocurrencies means a risky period for investors. Bitcoin’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> performance largely depends on whether it can break this resistance level. If Bitcoin manages to rise above this level, the doors to a new bull market could open. However, if it fails, the market may experience further declines.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-discusses-bitcoins-struggles-with-resistance-levels/" data-wpel-link="internal">Analyst Discusses Bitcoin’s Struggles with Resistance Levels</a></h5>
<p>The post <a href="https://en.coin-turk.com/analyst-discusses-bitcoins-struggles-with-resistance-levels/" data-wpel-link="internal">Analyst Discusses Bitcoin’s Struggles with Resistance Levels</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Analyst Discusses Bitcoin’s Struggles with Resistance Levels

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