Bitcoin Chart Technical Outlook suffers from regulatory squeeze, risk-off mood, bears eye $25,295
The troubles keep piling up for cryptocurrencies. While Binance overcame withdrawal issues, Coinbase remains under pressure from regulators.
In addition, the risk-off mood that engulfed markets on Thursday – after weak data – added to pressure on Bitcoin, a risky asset.
BTC/USD dropped under $26,521, a support line from late March, and the next levels to watch are $25,295 and then $24,769. Resistance is at $27,261 and $27,811.
We could see a short-term pullback, but the trend remains to the downside. The 4h-50 SMA broke below the 4h-200 SMA to the downside, another bearish sign.