After Bitcoin lost $78.1k (Prev Week Low) on the 4hr chart yesterday, it has struggled to achieve any strong close back above this level. With lower weekend volume, BTC is just chopping around this price, and there is still a possibility of testing lower levels, such as $76.3k, in the coming days.
I would expect resistance on any retest of $78.8k - $79.5k now, but let's see what any increased volatility around the weekly close does to the price action.
Bitcoin has continued to move down aggressively since the $82k rejection on Thursday- over 5% down and about to close the 10th consecutive red candle!
BTC is currently fighting to maintain $78.1k (Prev Week Low) as support, which was a key 4hr support level at the start of the month. If BTC starts to accept below this level, then the chances of a $76.2k (Monthly Open) retest increase over the next week. $79.5k is likely to be a big level of resistance now if it is retested this weekend.
Despite this bullish move, the $82k resistance has once again given the rejection, and there has been no reclaim of the Weekly Open or Monday High. At the time of writing, BTC is fighting to hold $80.4k (Monday Low) as support. I do not rule out a test of the demand closer to $79.5k today.
Bitcoin has finally broken the $80.5k - $80k range to the downside. So far BTC has reacted well from $78.8k.
$80.5k (Monday Low) has not been retested since the 4hr close below, and I expect this will be a level of resistance in the short term. I do not rule out a move to test $78k before the end of the week.
Despite a short term move below $80k yesterday, after confirmation that US inflation is rising again, Bitcoin has respected the $80.5k areas as 4hr support. The strength from this zone was good.
This leaves us in the same situation as the past few days- $80.5k is support and $82k resistance until broken.