$BTC pushed hard from the lows near $70,000, rallying all the way up to nearly $78,500 before rolling over and drifting lower over the past few days, now sitting at $74,800 and testing a support zone that has been holding price up on multiple visits.
The $73,500 – $74,200 area is the level to watch right now. It stepped in after the pullback from the highs and has been acting as the floor, making it the zone that needs to stay intact for the broader recovery structure to remain valid.
Holding above $73,500 – $74,200 keeps the push back toward $77,500 – $78,500 resistance overhead on the table. Losing that zone though puts price back toward the $71,000 – $72,000 area and begins to erode the recovery progress made over the past week.
The structure has been gradually weakening since the highs with lower highs forming on each bounce attempt. Until $76,000 – $77,000 is reclaimed and held convincingly, any strength from current levels should be treated with caution rather than assumed as the start of a new leg higher.
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