Key takeaways:

Bitcoin momentum weakens after rejection above the $82,000 level.
Analysts warn BTC could fall to $65,000 if support at $74,000-$76,000 fails.
Bitcoin’s price momentum is “weakening”

Private wealth manager Swissblock stated that Bitcoin’s momentum is fading following failure to “sustain expansion” above $82,000.

Swissblock said that Bitcoin’s positive momentum has been losing “force with every bounce,” contributing to the latest drop to $76,000.

Bitcoin is now trading at $77,200, with the true market mean and the short-term holder cost basis around $78,000 now acting as immediate resistance.

“Bitcoin is losing its capacity to regenerate strong positive momentum internally,” the wealth manager said, adding:

"Momentum exhaustion is not the breakdown itself. It is the process that usually comes before it."

Bitcoin performance impulse. Source: Swissblock

Echoing this observation, analyst Axel Adler Jr pointed out that Bitcoin's slow impulse performance indicator has “turned negative for the first time since April,” adding:

“Momentum is fading exactly as macro pressure is rising. Without Slow back above zero, every rally is unconfirmed.”

Bitcoin impulse performance. Source: CryptoQuant

Bitcoin’s price momentum indicator has also decreased significantly, falling by 29% over the last week to 47.1 from 66.7, indicating a "shift from strong upward to weakening momentum,” Glassnode said in its latest Market Pulse report, adding:

“Bitcoin’s market structure is beginning to soften as momentum, spot demand, and speculative positioning weaken across the market.”

Bitcoin price momentum. Source: Glassnode

Key Bitcoin support levels to watch

As Cointelegraph reported, Bitcoin’s upside hinges on bulls keeping the price above the $74,000-$75,000 zone, as it has repeatedly served as key support over the last two years.

This is where the key moving averages are found, including the 50-day exponential moving average (EMA), 100-day EMA and the 50-day simple moving average (SMA), as shown in the chart below.

This reinforces the importance of this demand zone and the fact that
BTCUSD
has not yet dipped below, “may be the most bullish thing” for Bitcoin, trading resource Material Indicators said in a recent X post.

BTCUSD
daily chart. Source: Cointelegraph/TradingView

The second area of interest lies between $72,000 (100-day SMA) and the psychological level at $70,000.

If this level is lost, BTC price could drop to $65,000 or later revisit the macro low below $60,000, reached on Feb. 6.

Analyst Daan Crypto Trades Bitcoin said that if the support at $75,000-$76,000 is lost, the
BTCUSD
pair would retest the $72,000 “level pretty quickly.”

BTCUSD
daily chart. Source: X/Daan Crypto Trades

Zooming out, trader CryptoAmsterdam said it would be “good” if the
BTCUSD
pair held support at $74,000-$76,000 (the orange area on the three-day chart below) with other areas of defense around $72,000.

The analyst sets downside targets at $60,000 and $50,000 in case these support levels are breached.

BTCUSD
three-day chart. Source: X/CryptoAmsterdam

As Cointelegraph reported, a key support level for the bulls was the 50-day SMA at $75,600, which, if lost, could see the

BTCUSDT
pair sink to $65,000.
source: https://www.tradingview.com/news/cointelegraph:8c23b23e0094b:0-bitcoin-s-momentum-is-fading-traders-have-these-support-levels-in-mind/