Bitcoin set another low this morning, briefly dipping below $75k, after the weekly candle broke the weekly support of $78.5k. From here, there is a CME gap towards $84k so we cannot rule out a short squeeze to that area in the coming days. This is an important week ahead, as if $78.5k is reclaimed by the end of the weekly close then this move below could be considered deviation. However, any rejection from $78.5k on the reclaim attempt and we should look towards the 2021 ATH area around $69k. $BTC $ETH $BNB #BTC #CryptoDawar #StrategyBTCPurchase #USCryptoMarketStructureBill #BinanceBitcoinSAFUFund
If you read my Bitcoin update yesterday, when the price was $83k, you may not be surprised to see it trading below $80k now. We discussed how the 3-day chart losing $86k was likely to see a retest of $78k - $72k. Although we did not expect the fall to happen so fast, especially on a weekend, this has played out with a retest of $75k. $78.5k is a key area to watch at the weekly close tonight, as this is a weekly support level from March and April 2025. Weekly acceptance below $78.5k, which would then be the lowest close since November 2024, and $70k - $68k could be next.
Bitcoin was unable to reclaim $86k yesterday, which means we now have the lowest 3 day candle close since April 2025
Remember that tonight is the monthly close which can sometimes bring unexpected moves.
Now that BTC has 3-day acceptance below $86k, we need to watch what happens if this is retested soon. A reclaim, and this can be considered deviation below, but if we see a bearish retest then then $78k - $72k zone is definitely possible.
The overnight drop we saw on Bitcoin was no surprise to me.
What comes next?- looking at the Daily chart and 3 Day BTC Chart, yesterday was the lowest daily close since April 2025, but it wasn't the cleanest close below the range, so today we are looking for a reclaim of $84.8k area.
But more worrying is the 3 Day chart- unless today closes above $86k then the 3 day support will be broken, and this could lead to a test of $80k - $78k.
Bitcoin has gained acceptance above $88.8k (Monday High) and continues to look strong. We must keep in mind now that BTC is at resistance. $90k has been 4hr resistance since the end of last week, and if this rejects we can see another retest in the $88k - $87k area. If we see a strong 4hr close above $90k, then we could see Bitcoin rally towards $93k.