Bitcoin (BTC) has dropped 6.5% from its recent peak above $82,000. A bearish technical structure, weakening demand, and increased selling pressure are creating risks of further losses in the cryptocurrency market. Bitcoin's failure to hold key support levels indicates that buyers lack the strength to maintain upward momentum. This is reported by Cointelegraph.com reports .
Analyst CryptoJelleNL noted that BTC has officially lost its 100-day and 50-day EMAs. Another expert, Axel Adler Jr, pointed out that Bitcoin lost its bullish momentum just as the macroeconomic situation deteriorated sharply. The resistance level at $82,000 coincided with the upper boundary of a parallel channel that has been ongoing since February.
According to chart analysis, every time the price has pulled back from this trendline, it has lost 11-14% of its value, falling to the lower support line. If this trend continues, Bitcoin could drop to $72,000, which is the lower boundary of the channel. This would mean another 7% decline from the current price.
The Relative Strength Index (RSI) has also fallen from 69 on May 6 to 48, indicating that downward momentum is strengthening. MN Capital founder Michael van de Poppe stated that if the critical zone between $75,000 and $76,000 is lost, the price could retreat to $74,000 and $71,400, or even retest the $60,000 levels.
However, there is also a positive scenario. Van de Poppe believes that if a peace agreement is signed in the Middle East in the coming days, the BTC/USD pair could return to levels above $80,000 and reach new highs.
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