Bitcoin continues to show resilience despite mounting bearish pressure below the critical resistance zone at $78,800. While short-term volatility and repeated rejections have slowed the bullish momentum, it is broader market structure still points to an active uptrend as buyers continue to defend key support levels and positions ahead of another potential rebound.
BTC finds new support around the $77,000 region
In a recent market researchUltimae highlights that while Bitcoin briefly fell below the $78,700 support level, the $77,000 zone is currently functioning as the primary defensive bottom. This transition suggests that the market is successfully absorbing the recent selling pressure, with $77,000 acting as a key technical pivot for bulls to stabilize the price.
Related reading
Currently, market participants are closely watching the Exponential Moving Average (EMA) as a decisive technical indicator. The asset’s ability to remain above this moving average indicates a short term move momentum trying to base and lay a foundation for the next potential part of the move.
Should price action result in a clear breach of this immediate support, $75,700 is the next immediate area of interest where liquidity can be gathered. Further downward pressure from there would highlight support at $73,500, a level that has historically served as a critical zone for institutional interests.
Despite the recent pullback, Ultimae maintains a clear bullish outlook, claiming that Bitcoin’s broader uptrend remains firmly intact. The analyst views the current price decline as a healthy consolidation phase and not a shift in the longer-term structural trend.
To negate this upward structure, the price would have to decisively break through the support line of the red box on the chart. Until that limit is crossed, the current market environment is considered constructive. While a small drift towards $73,500 remains possible, a rebound is expected to occur soon.
Bitcoin bounces back strongly after triple retest of bullish order block
Bitcoin has shown resilience by retesting the 4-hour bullish order block (OB) three times, resulting in a healthy rebound from $1,700, which successfully breached the $77,400 resistance level. According to analyst Qingtianbtc, this recovery to the $78,300 level and the subsequent move to the 4-hour bearish OB are well within expected market behavior.
Related reading
The current upward movement is interpreted as a temporary relief collection instead of a trend reversal. Investors should anticipate that any increase in the $78,300 to $78,800 range will serve as a point of exhaustion before the asset resumes its downward trajectory. Meanwhile, the 4-hour bearish OB ranging from $78,800 to $79,600 is currently acting as a zone of significant resistance. ng the asset, as a sustainable outbreak above this range remains unlikely in the near term.
Featured image from Pixabay, chart from Tradingview.com