- 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 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 point to 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 indicating a slightly positive bias, suggesting 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, at approximately $82,126, represents the first resistance level, and a breakout above this long-term barrier would pave the way for the continuation of the overall uptrend. On the downside, immediate support can be 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 $75,500 and $76,#p .