Bitcoin is showing new strength after a sharp rally, showing buyers pulling back at key levels. As momentum builds and prices move higher, attention now shifts to the $79,000 resistance zone. happen It could continue to confirm the rally and open the door to a stronger rally.
Selling pressure after initial reaction
Bitcoin The market reacted immediately to yesterday’s developments, facing significant selling pressure as it processed the news. Analyst Camille Ouray highlights Although the initial reaction was bearish, continued upside remains possible if the price successfully defends the immediate low of $73,371.
However, if the 4-hour candlestick closes below this mark, it could trigger a deeper correction towards the $68,720 level, which corresponds to the important 0.618 Fibonacci. retracement Recent uptrend. Holding this support provides a foundation for new leg raises.
On the bullish side, a definitive close above $79,000 would signal a continuation of the broader uptrend towards higher targets. Ulay identifies major resistance Clusters between $98,000 and $107,000 to $109,000. If the price faces a rejection at such an upward level, traders should expect a return to the previous support zone in the $73,371 to $66,000 range.
Looking at the daily time frame, the $65,666 level acts as a pivot point. As long as Bitcoin maintains its position above this threshold, the entire structure will remain biased towards a potential upside.
If the $65,666 level fails to hold, the focus will shift to the lower support levels at $63,823, $62,433, and $60,000. The most severe warning occurs at $60,000. A daily closing price below this psychological and technical barrier could significantly extend the correction phase.
Bitcoin rebounds sharply as the week begins
In his latest work, updateAnalyst Michael Van de Poppe pointed to Bitcoin’s relatively strong rally on Monday. This movement is especially important because it occurs during the following times: market There is usually a tendency towards a risk-off stance before the weekly trading open. Bitcoin’s ability to rise despite this cautious backdrop suggests the underlying strength of current demand.
A key element in this analysis is the recent separation from traditional safe-haven assets. While Bitcoin is showing resilience and upward momentum, gold is trending lower. If you look at the weekly magazine outlookthe existence of a price gap at the $77,300 level remains the main focus of traders. Given the strength of the recent pullback and the existing technical gap towards higher levels, we expect Bitcoin to close this gap and achieve new highs by the end of this week.
