Bitcoin Bears Take Over: BTC Faces Further Downside Pressure

• Bitcoin (BTC) is positioned for further downside as a new Weekly Close below the 200-week moving average signals.
• According to crypto analyst Rekt Capital, BTC rejecting from above $26k would welcome bears to the party as double-confirmation of the breakdown.
• If Bitcoin gives up the $26k level again, a run to June lows could open up room for more losses.

Bitcoin Signals Potential Breakdown

Bitcoin (BTC) is currently facing potential downside pressure after a new weekly close below the 200-week moving average. This has signaled a double confirmation of a possible breakdown. Crypto analyst Rekt Capital notes that if BTC rejects from above $26k, it will likely welcome bears into the market and result in further price declines.

200-Week MA Resistance Zone

Rekt Capital notes that the 200-week MA is a robust resistance zone and that if it turns into new resistance, this could result in a two-step breakdown confirmation which would lead to further downside pressure on BTC’s price. Last week’s recovery from lows of $24.8k appears to have been short lived as Bitcoin faces rejection from above $26k once again.

SEC Lawsuits Against Exchanges

The market reacted sharply last week when news broke of lawsuits against crypto exchanges Binance and Coinbase by the SEC, resulting in a decline in prices for Bitcoin and other cryptos. Despite this recovery however, it appears that bears remain in control and are pushing prices lower once again.

Extended Sideways Movement?

BitMEX founder Arthur Hayes has suggested that an extended sideways movement could be on its way soon as bearish sentiment takes control of markets once again. This could result in additional losses for BTC if it fails to break past key resistance at $26k or hold support at June’s lows around $24k.

Conclusion

Overall, Bitcoin appears poised for further downside with bearish sentiment continuing to take control of markets despite recent recoveries from lows seen last week due to SEC lawsuits against exchanges Binance and Coinbase. If BTC fails to break past key resistance at $26k or holds support at June’s lows around $24k then there is potential for further losses over time as we potentially enter an extended period of sideways movement as predicted by BitMEX founder Arthur Hayes