finance
Bitcoin Trades Near $77,000 After Rejection at 200-Day Moving Average
Bitcoin fell below its 200-day moving average at $82,200 following repeated rejections at that level. The move came after a vote on the CLARITY Act and coincided with $1 billion in outflows last week.
May 20, 7:53 AM·1m read1 source
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Bitcoin traded around $77,000 after failing to hold above the 200-day moving average at $82,200. The price had briefly exceeded $82,000 following a vote on the CLARITY Act before reversing lower. Support is reported between $76,000 and $78,000. A move below $75,000 would open the range of $70,000 to $72,000.
The weekend decline triggered $657 million in liquidations, of which $584 million came from long positions. Bitcoin had recorded six weeks of inflows before $1 billion in outflows last week. Ethereum fell 10 percent and continued to underperform relative to Bitcoin.
0275 while funding rates softened and relative implied volatility rose. The price action followed five rejections at the 200-day moving average this month.
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