Bitcoin Price Gives Up Part Of Rally, Sellers Reappear Near Highs
Analysis
Price Impact
MedBitcoin has experienced a pullback from recent highs, with sellers reappearing around the $81,000-$82,000 zone. this suggests a temporary pause or correction in the upward trend, but not necessarily a full reversal unless key support levels are breached. the presence of selling pressure near the highs indicates profit-taking or indecision among traders.
Trustworthiness
HighPrice Direction
NeutralThe immediate price action suggests a bearish bias in the short term, with the price trading below the 100-hour sma and a broken bullish trend line. however, the analysis also outlines potential scenarios for a bounce if bitcoin stays above the $78,500 level and resistance levels are overcome. the neutral stance reflects the current consolidation and the dependence on upcoming price action to determine the next directional move.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, indicating that the described price movements and potential scenarios are expected to play out in the short term (hours to a few days).
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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 started a fresh decline below the $81,200 zone. BTC is correcting gains and might struggle to stay above the $78,800 support. Bitcoin failed to stay above $80,500 and extended losses. The price is trading below $81,000 and the 100 hourly simple moving average. There was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the $81,200 and $80,800 levels. Bitcoin Price Dips Again Bitcoin price failed to stay above the $81,500 support zone . BTC started a downside correction below the $81,200 and $80,800 levels to enter a short-term bearish zone. There was a move below the 38.2% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. Besides, there was a break below a bullish trend line with support at $80,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $80,000 and the 100 hourly simple moving average. If the price remains stable above $78,500, it could attempt a fresh increase. Immediate resistance is near the $80,400 level. Source: BTCUSD on TradingView.com The first key resistance is near the $80,800 level. A close above the $80,800 resistance might send the price further higher. In the stated case, the price could rise and test the $81,250 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500. Downside Extension In BTC? If Bitcoin fails to rise above the $81,000 resistance zone, it could start another decline. Immediate support is near the $78,800 level or the 50% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. The first major support is near the $78,000 level. The next support is now near the $77,800 zone. Any more losses might send the price toward the $77,200 support in the near term. The main support now sits at $76,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $78,800, followed by $78,000. Major Resistance Levels – $81,200 and $81,500.