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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

A breakout above $41,000 provoked selling near a key moving average but the move could just be a lower support retest.

The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels.

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected.

source: cointelegraph