Bitcoin once again declined today, dropping to the previous low of $79,850.

Recently, every time it approaches the resistance level of $81,330, it quickly pulls back.

Many people are wondering:

Although there is support in the market, why can't it rise higher?

Will it continue to decline later? Where is the true bottom for buying the dip?

Actually, as early as the beginning of this month, Lao Zhang clearly provided a market forecast,

Bitcoin is aiming to break through the $83,500 level,

If the breakout fails, it will fall back below $80,000.

But the actual trend has also shown:

On May 6th, the first attempt to reach $83,500 failed and pulled back,

On May 11th, the second attempt also failed to break through.

Both failed attempts resulted in a double top pattern in the short term,

The market then started to weaken, gradually testing previous support levels.

Now, many people’s most concerned question should be:

Will Bitcoin continue to go lower?

Lao Zhang analyzes and interprets from multiple angles:

Here’s the key, remember to circle it:

Tomorrow will see the vote result on the "Transparency Act,"

Bitcoin's price has been fluctuating within a narrow range today,

And trying to test the previous lows.

If the bill passes,

It could become a short-term catalyst to push Bitcoin prices higher.

For those going long, pay attention,

There’s a good chance to make gains,

For short-sellers, be even more cautious about locking in profits.

Deep technical analysis of the trend:

Although the cryptocurrency market has been sluggish this year,

It has been gathering strength,

Once it explodes, it will rise to new heights again,

This mainly refers to Bitcoin,

And this bill could very well be the spark that ignites the rally.

Reviewing Bitcoin’s long-term value helps understand the logic:

In 2009, Bitcoin was only $0.0008,

Holding for ten years until 2019, it surged to $14,000;

From 2019 to 2025, it peaked at $126,000, roughly 880k RMB.

Lao Zhang has been focusing on analyzing the overall Bitcoin ecosystem this year,

Continuously providing market breakdowns and key levels,

To help everyone seize every opportunity, avoid missing out, and prevent being caught in a trap.

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Detailed analysis of key technical levels

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Bitcoin is still in an overall upward structure,

Price remains firmly above the 50-day and 100-day moving averages,

Moving average support is concentrated around $76,800,

Currently still in a healthy trading zone.

The daily RSI is approaching 61,

Market bullish momentum remains, but not overbought or overheated;

MACD shows slight negative values, indicating weakening upward strength,

Not a major trend reversal or crash signal,

The only shortcoming is that the price is under pressure below the 200-day moving average.

Key resistance levels (from bottom to top):

1. First resistance: $82,100 (200-day moving average strong resistance)

2. Second resistance: $83,500 (double top high point, 61.8% Fibonacci resistance)

3. Third resistance: $84,410 (horizontal key resistance line)

As long as it can break through this resistance zone smoothly,

The next target is the previous high of $97,925, fully opening a bull market.

Key support levels (for buying the dip):

1. Short-term support: $79,850 (psychological level)

2. Mid-term support: $78,960 (50% Fibonacci retracement level)

3. Strong support zone: $76,730–$76,420 (50/100-day moving averages)

4. Golden dip zone: $75,680

This is a major capital demand zone, and pullbacks are excellent buying opportunities.

Still the same key point:

Whether for short-term contracts or long-term spot holdings,

Always keep an eye on key support and resistance,

Avoid blindly chasing highs or panicking to sell.

If you don’t understand real-time market charts,

And can’t grasp entry and exit points,

Want to follow the bill’s implementation and market rhythm in real time,

Follow Lao Zhang, join the circle for real-time analysis,

Seize every opportunity!

The above only represents personal opinions, for reference only!