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Crypto

Bitcoin Faces Accelerated Downside If Weekly Close Fails Above $78K

Guavy AI Editorial Team
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BTC
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Bitcoin's weekly close is crucial for maintaining its current momentum, according to analyst Charles Edwards. He warns that if Bitcoin fails to secure a weekly close above $78K immediately, it may face accelerated downside.

The current price of Bitcoin sits at $75,972.03, within the Bollinger Bands with an upper resistance level at $78,879.02. The MACD death cross is -389, indicating bearish momentum, while the RSI remains neutral at 36.94.

Furthermore, the EMA50 acts as immediate resistance at $77,584.64, and the EMA200 provides lower support at $74,474.35. Edwards' warning aligns with BTC price prediction models that suggest a potential crypto market crash if Bitcoin fails to reclaim $78K.

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