Bitcoin Price Attempts A Comeback, But Follow-Through Remains Thin
Analysis
Price Impact
HighBitcoin is at a critical juncture, attempting to recover from recent lows but facing significant resistance. a breakthrough could lead to further gains, while failure to hold key support levels could trigger another sharp decline.
Trustworthiness
HighStrict editorial policy focusing on accuracy, relevance, and impartiality. content created by industry experts and meticulously reviewed, adhering to the highest standards in reporting and publishing.
Price Direction
NeutralWhile btc is attempting a recovery and has broken a bearish trend line, strong resistance levels (especially near $80,000) coupled with thin follow-through indicate uncertainty. a decisive move above or below key levels will determine the short-term direction.
Time Effect
ShortThe analysis focuses on immediate resistance ($79,200, $80,000) and support levels ($77,000, $76,000, $74,500) and describes 'near term' price movements, indicating a focus on the immediate future.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price extended its decline below $78,000. BTC is now attempting to recover from $74,500 but faces many hurdles near $80,000. Bitcoin is attempting to recover above $77,000 and $78,000. The price is trading below $80,000 and the 100 hourly simple moving average. There was a break above a bearish trend line with resistance at $78,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $77,000 and $76,000 levels. Bitcoin Price Faces Resistance Bitcoin price failed to remain stable above the $82,000 zone. BTC extended its decline below the $80,000 and $79,500 levels. The bears were able to push the price below $78,000. It spared major bearish moves, pushing the price below $76,000. A low was formed at $74,543, and the price is now attempting to recover. There was a move above $78,000. The price surpassed the 23.6% Fib retracement level of the downward move from the $90,440 swing high to the $74,543 low. Besides, there was a break above a bearish trend line with resistance at $78,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $80,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com If the price remains stable above $77,000, it could attempt a fresh increase. Immediate resistance is near the $79,200 level. The first key resistance is near the $80,000 level. A close above the $80,000 resistance might send the price further higher. In the stated case, the price could rise and test the $82,500 resistance or the 50% Fib retracement level of the downward move from the $90,440 swing high to the $74,543 low. Any more gains might send the price toward the $84,000 level. The next barrier for the bulls could be $85,000 and $85,500. Another Decline In BTC? If Bitcoin fails to rise above the $79,200 resistance zone, it could start another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 level. The next support is now near the $76,000 zone. Any more losses might send the price toward the $74,500 support in the near term. The main support sits at $72,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $77,000, followed by $76,000. Major Resistance Levels – $79,200 and $80,000.