79,500 holds, a bullish reversal signal?

Bitcoin experienced a pullback early this morning, currently consolidating at a low around 79,500. After a rally and a retreat, it continued to decline, breaking below the short-term key support at 806, forming a lower high and lower low, creating a bearish structural wall.

From a technical perspective, the price has broken below all short-term critical EMAs, the MACD is in a death cross state with negative momentum continuing to expand, indicating a clear short-term bearish trend. The price is near the lower boundary of the 1-hour descending channel, and the candlestick previously showed a hammer pattern during the dip, so it’s not advisable to chase short positions directly. If support at 79,500 holds, there may be a short-term rebound to repair, with focus on whether it can stabilize around 80,600.

On the macro front, spot Bitcoin ETF maintains a small net inflow, institutional funds have not exited massively, providing underlying support for the market, limiting the downside space.

For reference, conservative traders can stay on the sidelines with no position, focusing on whether 79,500 holds or not.
Short-term operation: stabilize in the 80,000-79,700 range to go long, with a stop loss below 79,000, and target initially at 81,500. $BTC #比特币跌破8万美元