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Crypto

Bitcoin Support Levels Under Pressure as Market Weakness Persists

Guavy AI Editorial Team
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BTC
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Cryptocurrency investor and analyst Lark Davis has been monitoring Bitcoin's price movements closely in the wake of the Federal Reserve's interest rate hike. According to Davis, market weakness may persist for some time due to factors such as developments regarding cryptocurrency regulations in the US.

The 200-day exponential moving average (EMA), located at approximately $73,000, is a key technical indicator that Davis is closely monitoring. If Bitcoin loses this level of support, he believes it could initially find new lows around $67,000.

Davis emphasized that current market conditions are not bad enough for Bitcoin to form a new low, but rather suggests downward pressure may continue in the short term.

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