Bitcoin clings to $75,000 support as bear market signals resurface
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The crypto market is at a critical point on Wednesday, with bitcoin BTC $ 75,841.99 priced close to the $75,000 level of support after failing to break through $78,000 on Tuesday.
Key facts
It bounced off $2,050 at 05:30 UTC on Wednesday and was recently trading around $2,080
The crypto market is at a critical point on Wednesday, with bitcoin BTC $ 75,841.99 priced close to the $75,000 level of support after failing to break through $78,000 on Tuesday
AI tokens RENDER, FET and NEAR gave back much of their gains from Tuesday's rally, falling between 1% and 3% since midnight UTC
Crucially, bitcoin is now below Bitmine (BMNR) Chairman Tom Lee's line in the sand at $76,000, which, he said, would signal the end of a bear market if BTC were to end the month above that level
Summary
Bitcoin is trading above the $75,000 support level after being rejected at $78,000 on Tuesday, while remaining below the $76,000 threshold that analyst Tom Lee says must hold by month-end to confirm a new bull market. AI-linked tokens, including RENDER, FET and NEAR, gave back much of Tuesday's rally, falling as much as 3% since midnight UTC and dragging the CoinDesk Computing Select Index down 2.2% and the DeFi Select Index 1.5%. Hyperliquid's HYPE token bucked the trend with a 5.5% surge after hitting a record high earlier this week. Ether's (ETH) chart tells a similar story.