According to market analysts, Bitcoin (BTC) is experiencing "momentum exhaustion" after falling 8% from its multi-month highs above 82,000 USD. Buyers (bulls) are now expected to attempt to defend key support levels. This is reported by Cointelegraph.com .
Swissblock, a private asset management firm, stated that Bitcoin's growth momentum is fading after failing to stabilize above 82,000 USD. Experts noted that the positive impulse has lost strength with each jump, leading to a price drop to 76,000 USD.
Bitcoin is currently trading around 77,200 USD. The 78,000 USD level, which represents the market average and the purchase price for short-term holders, is now acting as a resistance zone. According to Swissblock analysts, Bitcoin is losing its ability to regain internal positive momentum.
In its latest report, Glassnode noted that Bitcoin's price momentum indicator fell from 66.7 to 47.1 last week, a 29% decline. This signifies a shift from a strong upward trend to weakening momentum. Analyst Axel Adler Jr. pointed out that the momentum indicator has entered negative territory for the first time since April.
Future growth in Bitcoin's price depends on the buyers' ability to hold the price above the 74,000–75,000 USD zone. This area has served as a critical support level several times over the past two years.
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