Bitcoin trades near 73532 as bearish momentum persists, though the 200DMA at 73157 offers a temporary floor against further declines toward the 70000 level.
Bitcoin hit a fresh multi-week low at 73532 after a 2% drop on Sunday, pressured by last week's Binance attack and worries about tougher US crypto regulation under full Democratic control of Congress. The daily technical picture is predominantly bearish with strong negative momentum, pointing to continuation of the downtrend from the 87300 zone. However, price is holding above the 200DMA at 73157 for a second day, so consolidation may precede any further push lower, tempering immediate downside.
Bitcoin remains under pressure, hitting a multi-week low of 73532 following a 2% decline on Sunday. The asset is struggling with negative sentiment stemming from a recent Binance attack and concerns over potential regulatory tightening under Democratic control of the US Congress. While the technical outlook remains bearish, the price is currently testing the 200DMA at 73157, which has provided support for two consecutive days.
Support sits at 73532, then the 200DMA at 73157 and 72529, with a break opening 70000. Resistance is at 75620, 76035 and the falling 10DMA at 76600.
Cryptos were hurt by an attack at Binance last week and by growing worries that US Democrats may impose tougher regulation on crypto assets after regaining full control of the Congress.