Bitcoin, Support Line Collapses Weakly...Is Recapturing $80,000 a Mirage?

▲ Bitcoin (BTC)

Bitcoin (BTC) has failed to maintain the $76,500 support line and entered a downtrend, leading to market tension.

According to a report by crypto news outlet NewsBTC on April 29 (local time), Bitcoin's price fell below the $76,500 level after starting a downward correction from the $78,500 resistance zone. Bitcoin is currently trading below $77,000 and the 100-hour simple moving average, with a short-term bearish trend line forming near the $77,200 resistance. Crypto analyst Aayush Jindal predicted, "If Bitcoin fails to decisively break the $77,200 resistance, downward pressure will persist."

Bitcoin's price is testing short-term support near $76,200, but buying interest remains subdued. Jindal warned that if Bitcoin closes below $76,200, it could fall to the next major support level of $75,500. As downside volatility increases, investors are watching to see if the strong resistance at $78,000 can be recaptured.

Technical indicators also support Bitcoin's bearish trend. The Moving Average Convergence Divergence (MACD) has lost its upward momentum in the bullish zone and turned into a downtrend, while the Relative Strength Index (RSI) has fallen below 50, indicating that sellers are dominating the market. Market participants anticipate that Bitcoin needs to sequentially break above $77,500 and $78,000 to secure a full-fledged rebound momentum.

As investor sentiment in the overall virtual asset market freezes, altcoins are also declining in tandem. With the slowdown in fund inflows into Bitcoin spot ETFs and added macroeconomic uncertainties, large investors are increasingly adopting a wait-and-see approach. In particular, as key support levels collapse one after another, the psychological anxiety of individual investors hoping for bargain hunting is growing.

If Bitcoin's price even gives up the $75,500 support level, a further decline to the $74,000 level appears inevitable. Currently, the market is solidifying its downtrend while awaiting a strong catalyst to trigger a technical rebound. Investors are focusing on risk management and closely monitoring changes in macroeconomic indicators and fund flows on major exchanges.

*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.*