Bitcoin retreats from the $80,000 threshold... "could plummet to $70,000"

▲ Bitcoin (BTC)

Bitcoin (BTC) retreated below the $77,000 mark after encountering strong resistance just shy of reclaiming $80,000. A fierce battle is underway between buyers attempting to enter a new macro bull market and sellers looking to take profits.

According to crypto media outlet Cointelegraph on April 28 (local time), Bitcoin recently dropped to the $76,800 level, fueling investor anxiety. This was the result of failing to withstand selling pressure despite an offensive to break through the strong psychological resistance level of $80,000. Market experts are engaged in a tense debate over whether this decline is a temporary correction within a long-term bullish trend or the prelude to a new bear market.

Technical indicators clearly show the market's mixed sentiment. The Relative Strength Index (RSI) has fallen close to the 50-mark, suggesting that overheating has subsided, but the possibility of further declines remains. The Moving Average Convergence Divergence (MACD) also indicates that bearish forces have the upper hand in the short term. The high level of open interest in the futures market means that the risk of large-scale liquidations cannot be ruled out if price volatility increases.

Buyers are currently making a stand around the $75,000 mark. This point is a key support zone that Bitcoin built during its previous rally. If $75,000 breaks, the price could rapidly fall to the $72,000 level. Conversely, if Bitcoin reclaims and settles above $78,000, it would set the stage for another challenge towards $80,000. Bitcoin is currently struggling to find a new price discovery range.

Uncertainty in the macroeconomic environment is also weighing on the price. Inflation figures remaining higher than expected have heightened vigilance regarding the Federal Reserve's monetary policy. As concerns about liquidity contraction grow, capital inflows into Bitcoin spot ETFs are also slowing compared to before. Investors are watching for the recovery of the $77,000 level and awaiting key economic indicators to be released this week.

Bitcoin is in a situation where it needs to attract dip-buying to achieve the significant goal of a macro bullish reversal. A break below $77,000 could be threatening for short-term investors but an accumulation opportunity for long-term holders. The market is consolidating energy to find its next breakthrough after price stabilization. The depth of this correction is expected to be a key factor determining Bitcoin's future price trajectory.

*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.*