Bitcoin (CRYPTO: BTC) trades below $77,000 after getting rejected at the 200-day moving average, and analyst Benjamin Cowen expects weakness to persist into Q3 and early Q4.

200-Day MA Provided Resistance In Every Bear Market

The 200-day moving average provided resistance in May 2018, March 2022, and now May 2026. Bitcoin rallied to the 200-day MA in all three cases before selling off into June.

The only exception was 2014 when Bitcoin got slightly above the 200-day MA in June before ultimately collapsing. 

Cowen noted that bear markets typically see Bitcoin find temporary support around the 20-week moving average at $75,000 after getting rejected at the 200-day MA.

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