Bitcoin slips below $77,000 as 200-day average caps rally

Bitcoin faces renewed pressure after failing to sustain a rally above a key technical indicator, with analysts warning the pattern closely resembles the early stages of a prolonged 2022 downturn. The cryptocurrency recently fell below $77,000 after hitting firm resistance at its 200-day moving average near $82,400.

According to analysis from on-chain analytics firm CryptoQuant, the current setup directly mirrors the structure seen in March 2022. In that period, Bitcoin rallied approximately 43% before stalling at the 200-day moving average and resuming a months-long decline. This time, the asset surged about 37% from its April lows before encountering the same resistance and reversing lower.

Julio Moreno, head of research at CryptoQuant, emphasized the historical significance of this level. He stated that in bear markets, the 200-day moving average has consistently acted as the boundary between relief rallies and trend resumption. A failure to break above it is seen as strong technical confirmation that the bear market remains structurally intact.

Several demand indicators are adding weight to the cautious outlook. Speculative demand from perpetual futures slowed sharply near the...