$BTC Bitcoin is trading today in a sideways range trending downwards between $77,000 and $77,400, marking a decline of about 5% on a weekly basis.
Recent price action: After successfully breaking out of the descending channel that has persisted since Q1 and testing the $81,800 - $82,000 levels earlier this month, the price faced strong rejection for the fifth time at this resistance wall, leading to a continuous decline in the past few days amid strong selling pressure. $BTC 🔴 Resistance levels (targets in case of an uptrend)
$77,500: This represents the current immediate resistance line (previously broken support), and a daily close above it would halt the temporary bleeding.
$80,000: The most significant psychological and liquidity barrier; a daily close above this level is crucial for resetting risk appetite and triggering a "short squeeze" that could rapidly push the price towards $84,000 - $85,500.
$82,200: The 200-day moving average area, which is the main hurdle for regaining the long-term uptrend. $BTC #SECProposesIPORuleOverhaul
Recent price action: After successfully breaking out of the descending channel that has persisted since Q1 and testing the $81,800 - $82,000 levels earlier this month, the price faced strong rejection for the fifth time at this resistance wall, leading to a continuous decline in the past few days amid strong selling pressure. $BTC 🔴 Resistance levels (targets in case of an uptrend)
$77,500: This represents the current immediate resistance line (previously broken support), and a daily close above it would halt the temporary bleeding.
$80,000: The most significant psychological and liquidity barrier; a daily close above this level is crucial for resetting risk appetite and triggering a "short squeeze" that could rapidly push the price towards $84,000 - $85,500.
$82,200: The 200-day moving average area, which is the main hurdle for regaining the long-term uptrend. $BTC #SECProposesIPORuleOverhaul