- Technical Analysis: Bitcoin’s 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 holds above the rising moving averages and the super trend support indicator. The pair is trading comfortably 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 ascending trendline support near $78,106 bolster the underlying 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 suggesting it is slightly positive, indicating that bullish pressure is still in place despite the recent consolidation.
Daily chart of the BTC/USDT pair
On the bullish side, the 200-day exponential moving average, around $82,126, represents the first resistance level, and a breakout above this long-term barrier would open the door for continued overall bullish momentum. On the bearish side, immediate support is seen at the ascending trendline near $78,106, with stronger demand in the SuperTrend zone and the 50- and 100-day exponential moving averages, clustered between approximately $75,500 and $76,300. A daily close below this level would trigger a drop more than #D