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Bitcoin hits resistance near $82,400, signaling potential downturn as demand weakens.

Technical Signals
23 May 2026
Blockonomi
View Source
Bearish
pluang ai news

Bitcoin recently surged above $82,000 but was rejected near its 200-day moving average around $82,400, echoing a bearish pattern from March 2022 that preceded a prolonged downtrend. Data from CryptoQuant shows the rally was driven more by speculative futures trading than strong spot demand, with US spot ETFs turning from buyers to sellers. The Bull Score Index dropped to extremely bearish levels, and the Coinbase Premium remained negative, indicating weak institutional and retail interest. Analysts are now focusing on the $70,000 level as a critical support zone, which could determine Bitcoin's next major move amid weakening market momentum.

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