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- Technical Analysis: Bitcoin price drops below $80,000 as sellers tighten their grip.
Bitcoin is currently trading at $79,936, maintaining a short-term bullish trend, as it stays above the rising moving averages and the super trend support indicator. The pair is comfortably trading above the 50-day and 100-day exponential moving averages (EMA), at $75,341 and $76,255 respectively, while the super trend indicator near $75,523 and the ascending trendline support near $78,106 indicate strong demand.
Momentum remains positive, with the Relative Strength Index (RSI) hovering in the bullish zone around 62 on the daily chart, and the Moving Average Convergence Divergence (MACD) chart shows a slight positive bias, suggesting upward pressure still exists despite recent consolidation.
Daily chart of the BTC/USDT pair
On the bullish side, the 200-day exponential moving average, at around $82,126, represents the first resistance level, and a breakout above this long-term barrier would open the way for continued overall bullish momentum. On the downside, immediate support is seen at the ascending trendline near $78,106, with stronger demand at the SuperTrend zone and the 50 and 100-day EMAs, clustered between approximately $75,500 and $76,300. A daily close below this area would weaken the current bullish trend and indicate a deeper corrective phase.
$BTC