Crypto: Bitcoin Bear Market Not 'over Already' As Price Rejects At $68k...

Bitcoin price strength failed to reclaim a key support zone with traders still expecting the bear market to match previous cycles.

Bitcoin (BTC) began to give back gains at Thursday’s Wall Street open as bulls faced a new resistance headache.

Bitcoin fails to reclaim some recently-lost support levels as its $70,000 rebound loses momentum.

Traders stay highly cautious on BTC price action across short and long time frames.

Calling the end of the bear market is “probably premature,” analysis says.

Data from TradingView showed $67,000 coming back into focus as daily losses on BTC/USD passed 1%.

The pair had climbed as high as $70,040 the day prior as buyers launched an assault on two key levels: the 200-week exponential moving average (EMA) and the old 2021 all-time high.

Price ultimately failed to hold either, and commenting, trader and analyst Rekt Capital said that the 200-week EMA was now “acting as resistance.”

“Ultimately, as long as Bitcoin remains below the 200-week EMA, history suggests price will favour additional downside,” he told X followers on the day.

Trading resource TheKingfisher meanwhile showed that price ran out of steam after taking out a ladder of liquidity below $69,000.

Source: CoinTelegraph