Bitcoin Faces Risk of Plummeting to $69,000 If It Fails to Reclaim 'Here'

▲ Bitcoin (BTC) decline/AI-generated image

Bitcoin (BTC) has failed to defend the psychological support level of $80,000 and has turned bearish, standing at a critical juncture that will determine its short-term price direction.

Crypto media outlet NewsBTC reported on April 28 (local time) that Bitcoin's price has been showing a bearish trend, falling below the $80,000 support level on a weekly basis. Bitcoin failed to hold the $78,500 level based on Sunday's closing price and experienced a sharp correction, falling to around $74,500 at one point on Monday morning. Currently, Bitcoin has successfully rebounded somewhat from its low, but market analysts are wary of the possibility of increased volatility and are focusing on whether the support zone can be recovered.

Analysts emphasize that for Bitcoin to establish a foothold for a short-term rebound, it must reclaim the $78,500 level based on the daily closing price. This price level acted as a strong support during the previous decline and now poses a significant risk of acting as a new resistance level. If Bitcoin successfully reclaims $78,500 and solidifies it as a support, a re-challenge towards the $82,500 mark appears possible in the short term.

Conversely, if the $78,500 level becomes firmly established as a resistance, the price could continue its downward trend and experience further sharp declines. In this scenario, it is widely observed that Bitcoin's price could retreat to the pre-halving high range of $69,000 to $72,000. Analysts explained that if daily closes below $78,500 continue for two consecutive days, it would enter a technical bearish retest phase.

Currently, Bitcoin's price is trading around $79,200, recording a slight daily gain of approximately 1%. However, a series of bearish patterns continue, forming lower highs without breaking through the upper downtrend line, requiring caution from investors. Market uncertainty is bound to persist until the pivotal price support of $78,500 is confirmed.

Bitcoin is being threatened with a 5-month low of $75,000 due to a combination of macroeconomic volatility and market instability caused by trade conflicts. Amid increasing downward pressure, whale investors are maintaining a wait-and-see attitude, awaiting clear market direction. The depth of this correction is expected to be a key factor in determining whether Bitcoin's long-term uptrend will be sustained.

*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.*