Crypto
Bitcoin Rejection at $78K Suggests Accumulation Zones in Focus
Bitcoin faced a swift rejection at $78,000, signaling weakness in its recent price action.
This development comes after initial hopes of a bounce failed to materialize, as per CryptoMichNL's observation.
Traders are now eyeing accumulation zones at $75,800-$76,200 and $74,000 if liquidation wicks extend similarly to last week, aligning with the current BTC price action near $77,554.45.
The price is testing lower Bollinger support at $77,621.51 while the EMA50 holds at $76,747.46 as a concrete resistance-turned-support and the EMA200 sits far below at $69,789.71.