Bitcoin fails to break through the $80k resistance level, with on-chain indicators showing a mix of bullish momentum and cautious sentiment

Mars Finance News: Bitcoin falls below $76,000 after failing to break through $80,000, with uncertainties surrounding the reopening of the Strait of Hormuz and macroeconomic conditions causing market unease. Meanwhile, technical and on-chain data provide mixed signals on whether BTC can sustain this rebound. Bitcoin has recovered 30% since hitting a low below $60,000 on February 6, but faces selling pressure and stalls in the supply zone between $78,000 and $80,000. This range also coincides with the current 20-week exponential moving average (EMA), emphasizing the significance of this resistance level. MN Capital founder Michael van de Poppe stated that the current pullback is a “typical behavior” ahead of the FOMC meeting. He added, “I believe we are still in a strong market phase.” On the support side, Bitcoin retested the $75,500 support level, which also aligns with the 20-day EMA, 100-day EMA, and the lower boundary of an upward channel. Glassnode’s UTXO Realized Price Distribution (URPD) data shows that the direct resistance level is around $78,000, where investors hold 335,650 BTC; approximately 298,560 BTC with an average buy-in price of $75,500 form a key support level. On-chain, Glassnode data indicates that the Bitcoin market exhibits a “bullish momentum mixed with cautious sentiment.” Spot CVD (Cumulative Volume Delta) rose from $18.3 million to $54.8 million, nearly tripling over the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume decreased by 13.8% from $6.95 billion to $5.99 billion over the past week, “indicating reduced market activity.” Meanwhile, daily active addresses declined by 1.6%, showing lower network engagement.