For the fifth time in a row, Bitcoin has been unable to get past the $87,000 resistance and is currently trading below $83,000. In their latest episode, Coin Bureau points to this as an indication of waning bullish momentum and a potential slide toward $76,000 support.<\/p>\n
The analysis from Coin Bureau shows that after five consecutive attempts to break above $87,000, the asset has been repeatedly rejected at this key resistance level. Such rejections are a sign that bearish sentiment is taking hold in the market. With no daily close above $87,000, selling pressure has increased and driven the price down. Overall, these failed breakouts leave the door open for further downside risk.<\/p>\n
Bitcoin has slipped below $83,000 and in the process has broken a trendline that had been intact since August 17. The fact that it has also fallen through the $82,800 support zone is further evidence of this technical breakdown. According to the host at Coin Bureau, the asset is now trading below its 50-day moving average, which is a bearish indicator suggesting a medium-term softening in price. The analyst puts it plainly: should Bitcoin not be able to reclaim $83,000 soon, the way will be open for lower support levels.<\/p>\n
According to Coin Bureau, $76,000 is the level to watch as the next zone of liquidity and a point of support for Bitcoin. The analyst puts the recent breakdown in context by restating an earlier caution: should the bulls fail to reassert themselves, a slide to $76,000 is more likely than not. There is plenty of price action to support that assessment, from trading below the 50-day moving average to the loss of the August trendline. In the view of Coin Bureau, this makes $76,000 the level where traders should focus, as it could well be the next battleground for the asset.<\/p>\n
This article reflects the channel author\u2019s opinion and is not investment advice.<\/em><\/p>\n Every call by Coin Bureau and how it played out \u2014 in the BuyCrypt bloggers tracker<\/a>.<\/em><\/p>\n Source \u2014 Coin Bureau: https:\/\/www.youtube.com\/watch?v=x7I0FuWhYJo<\/a><\/em><\/p>\n <\/p>\n Stay ahead of Bitcoin’s volatility by honing your skills with our risk-free crypto trading simulator. Practice trading risk-free<\/a>.<\/p>\n <\/p>\n