Bitcoin, failed to recapture $80,000?...Looking at scenarios dependent on weekly close

▲ Bitcoin (BTC)

Bitcoin (BTC) has failed to reclaim the $80,000 mark, leading to heightened market tension ahead of the weekly close.

According to Cointelegraph on April 23 (local time), Bitcoin recently rose to the $79,000 level but failed to overcome selling pressure and turned downwards. According to TradingView data, Bitcoin's price is currently battling around $78,000. The market is focused on what price level this week's candle will close at.

Analyst Willy Woo diagnosed that Bitcoin's failure to break $80,000 indicates short-term bullish fatigue. If the weekly close occurs above $77,000, the bullish thesis will be maintained, but if it falls below that, a correction could be prolonged. According to Coinglass data, open interest remains high, suggesting that price volatility is likely to increase further.

The Relative Strength Index (RSI) is currently at 65, nearing the overbought zone. While buying momentum has somewhat slowed, profit-taking by whale investors is being released into the market. The $76,000 and $74,000 ranges are expected to act as key support levels. Experts advise against aggressive chase buying, suggesting instead to confirm a clear breakout of resistance levels before reacting.

As Bitcoin's price stagnates at the top of its range, a rotation of funds into the altcoin market is also observed. Ethereum (ETH) and Solana (SOL), among others, are showing relative strength compared to Bitcoin, absorbing market liquidity. While the total cryptocurrency market capitalization remains largely unchanged, the disparity in returns among individual assets is widening.

The market will ascertain the direction of the May market through Bitcoin's weekly closing price this weekend. Whether it's a process of accumulating energy for an $80,000 breakout or the formation of a temporary peak will be decided within a few days. Investors are closely monitoring the movements of key indicators and reviewing their portfolios.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*