Bitcoin Price Struggles as it Retests 200-Week EMA After Breakout
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- Bitcoin price trades near historic bottom zones with only 15% lower readings in past cycles.
- BTC is retesting the 200-week EMA after breaking above it last week.
- BTC price faces downside risk as traders expect a drop below $55K.
Bitcoin is under pressure again as it struggles to hold a key support level after its recent breakout. The price has dropped from a monthly high of $76K to below $71K, bringing it back to the important 200-week EMA that traders closely watch.
This level has often marked major bottoms in the past, making the current move more important. Data shows Bitcoin is now in a rare zone where prices have stayed lower only a few times before. At the same time, Polymarket prediction market data points to rising caution, with many traders expecting further downside as momentum weakens.
Bitcoin Tests Historic Bottom Zone
Recent charts show Bitcoin t…
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