Analyst: Bitcoin price trend leans bearish, but profit-taking limits the rebound

CryptoWorld News: Bitcoin (BTC) price, while attempting to break through the $77,000 resistance level, has been limited by profit-taking actions that restrict the strength of each rebound. Although traders pushed the price up to $77,400, data shows that profit-taking may hinder bulls from turning the $77,000 to $80,000 region into support. According to order book data from trdr, there are over $130 million in sell orders between $76,700 and $79,300. The current negative futures funding rate for Bitcoin and a slight negative long-short spread (-$1.47 million) give bulls a slight short-term advantage. If Bitcoin’s price breaks above the short-term liquidity at $76,800, the situation could tilt further in favor of the bulls. Technical analysis indicates that Bitcoin confirmed support at $75,000 and rebounded above this level after breaking below the 20-day moving average on Wednesday and Thursday. In the short term, the most desirable outcome for bulls is for Bitcoin to break through the trendline resistance at $79,000 and confirm $80,000 as support.