Categories: Crypto

Bitcoin Slumps Again to $74K as Bearish Market Structure Intensifies

One analyst said BTC has lost both the 100D and 50D MAs.

Bitcoin’s price troubles seem to have no end currently, as the asset just posted yet another leg down that drove it to a monthly low of just over $74,000.

This comes as popular analyst CW claimed that retail investors have been disposing of their assets, while whales have set up buy orders that can absorb the pressure.

Bearish Market Structure Returns

After losing $8,000 in just over a week, many analysts have turned the page on their price analysis. Jelle, for example, warned that BTC has dropped below both the 100D and 50D Moving Averages as the local market structure is “back to bearish.”

Previously, the analyst cautioned that a price drop beneath both these crucial levels could open the door for a more profound correction as “there’s a lot of untapped liquidity ripe for the taking below.”

Fellow analyst CW tried to bring some positivity to the table, arguing that bitcoin whales have stepped up by attempting to absorb the selling volume through buy orders at current price levels. After they removed their sell orders at higher prices, they are “absorbing selling volume from retail investors,” CW added.

CryptoPotato listed five reasons earlier today behind BTC’s crash, which at the time was stopped at $75,000. Some of them include selling from major investors, but perhaps the most valid one is the growing uncertainty and tension between the US and Iran. The most recent reports on the war front indicate that the ceasefire might be coming to an end soon, which has historically led to immediate price declines from risk-on assets like BTC.

What BTC Needs to Do

Another popular analyst, Daan Crypto Trades, outlined bitcoin’s potential path to recovery if it’s to rebound soon. The key level that has to be reclaimed remains the low $80,000 region with the “horizontal and Daily 200MA/EMA sitting right around” it.