Bitcoin (BTC) is down nearly 2% on Wednesday, trading below $76,000, and testing the 200-day Exponential Moving Average (EMA) baseline near $76,501. Bitcoin’s pullback aligns with the weakness in the US Dollar (DXY), which typically provides tailwinds for risk-sensitive assets.
China's Services Purchasing Managers' Index (PMI) declines to 50.8 in October from 51.6 in September, the latest data published by RatingDog showed on Wednesday.
Bitcoin (BTC) could remain trapped between $77,000 and $80,000 in the near term, with rallies toward $81,300 likely to face selling pressure as spot demand remains weak, according to crypto exchange Bitfinex.