[Bitcoin faces a potential “death cross” that could confirm the continuation of its bear market next week.][Reclaiming the $70,000 zone is critical, but analysts note significant price resistance lies just ahead.][A major bullish catalyst is required to counter the looming technical breakdown, per the latest BTC price analysis.]
Bitcoin’s price rally this week is confronting a stern technical warning that the broader bear market could be poised to resume, according to new analysis published on Wednesday. Keith Alan, cofounder of trading resource Material Indicators, stated that short-term strength does not eliminate the risk of further downside in his assessment on social media.
Alan described the current one-hour BTC price action as a short squeeze, according to data from TradingView. However, the daily candle is simultaneously testing the flipped resistance of several key levels, including the 21-day simple moving average near $67,550.
If bulls manage to push the price higher, they will immediately face friction at psychological resistance around $75,000. Consequently, the path is further blocked by the 50-day SMA at approximately $76,350 and a Timescape Level at $78.3k.
Meanwhile, an ominous technical signal is forming on the weekly chart. A “death cross” between the 21-week and 100-week moving averages is on course to confirm with this week’s candle close. Alan concluded this development “will likely be a precursor to the next leg down unless we get a major bullish catalyst.”
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