HBAR Falls 6% Amid Increased Trading Activity as Market Capitulates

Bitcoin Faces Resistance as Risk Aversion Surfaces in Bonds and Banking ETFs

Bitcoin (BTC) rebounded to around $121,500 after dipping below $120,000, but technical indicators and market sentiment suggest gains may be limited.

Hourly charts show BTC’s 50-, 100-, and 200-candle SMAs aligned bearishly, while consecutive lower highs signal weakening buying pressure.

Risk-off sentiment is evident in ETFs. The iShares iBoxx High Yield Corporate Bond ETF (HYG) broke below its bullish trendline from May and its 50-day SMA, reflecting declining appetite for high-yield bonds. Banking ETFs mirror this caution: the Financial Select Sector SPDR Fund (XLF) appears to form a rounding-top pattern, and the regional banking ETF (KRE) has slipped below its April bullish trendline.

Support and resistance: BTC finds support at $120,000 and $118,000, with resistance near $124,000. Combined technicals and ETF trends indicate a risk-averse market environment.