BitcoinThe recent rejection of key resistance has raised new concerns about the strength of the ongoing rally. After a steady rise, signs of selling pressure are starting to emerge, indicating that the bullish momentum is weakening. With the price hovering around critical support zones, the next move could determine whether the uptrend regains traction or starts to lose steam.
2–618 Pattern Triggers: BTC rejected for $78,000
At a market updateanalyst Kamile Uray revealed that the long-awaited 2-618 pattern for Bitcoin has officially been activated. After the price approached the $78,037 mark, significant selling pressure halted the upward momentum. This response to the local peak confirms that the market is currently responding to technical overhead and thus initiating a corrective phase.
Related reading
The immediate outlook suggests that the current decline could extend to the $73,762 level, which serves as a crucial decision point for the asset. If Bitcoin manages to hold this bottom, the possibility of an extension increases optimistic push remains on the table.
Should the price fall below the $73,762 bottom, the next major target is $70,165, which lines up with the 0.618 Fibonacci support from the most recent upside wave. A successful defense of this area would likely lead to another upward movement. Conversely, if bulls If they want to regain full control, they need to reach a close above $79,555. Such a move would establish the first higher high on the 4-hour chart from the recent downturn, which would mean a continuation of the macro uptrend towards the $98,000 and $107,000–$109,000 range.
In the event of a more severe retracement, secondary supports are identified at $65,666, $63,823, $62,433 and $60,000. At this lower limit the stakes are particularly high; a daily close below $60,000 would be a very high figure bearish signal, which could potentially mark the start of a more substantial market decline.
Key Levels in Focus: Mapping Bitcoin’s Critical Zones
Highlighting the key levels marked on the chart, Daan Crypto Trades emphasized that the low $80,000 region remains a crucial zone for bulls in the short to medium term. He also noted that the $72,000 level, which previously served as resistance for more than two months, has now become a critical support zone.
Related reading
Maintaining the price above this level would strengthen bullish control and indicate that the market is building a solid foundation for further upside potential, laying the foundation needed for another move higher. A bbreak again However, below $72,000 would likely indicate that the momentum of the recent upswing is fading, opening the door for a more sideways market structure. Although Bitcoin has posted a steady 20% gain in April, the price action may not last long as volatility is expected to emerge at any time.
Featured image from Pixabay, chart from Tradingview.com