BTCUSD – bears hold grip but face headwinds from 200DMA support

BTCUSD remains in red and trades near new multi-week low (73532) hit after 2% drop on Sunday.

Cryptos were hurt by attack at Binance last week, with further pressure coming from growing worries that US Democrats may impose tougher regulation on crypto assets after regaining full control of the Congress.

Fresh extension lower after a two-day pause signals bearish continuation of short-term downtrend from 87300 zone, as technical picture on daily chart remains predominantly bearish (strong negative momentum / MAs in bearish configuration created a multiple bear-crosses).

However, bears faced increased headwinds from remaining support provided by 200DMA (73157) as the action holds above for the second consecutive day, suggesting that consolidation may precede fresh push lower.

Sustained break of 200DMA and nearby 50% retracement of 57673/87385 (72529) would expose psychological 70K support.

Upticks should be ideally contained under 76000 and not exceed falling 10DMA (76600) to keep bears in play.

Res: 75620; 76035; 76600; 77417
Sup: 73532; 73157; 72529; 70000