BitcoinA recent bounce near key resistance has raised new concerns about the strength of its ongoing rally. After a steady rally, signs of selling pressure are starting to emerge, hinting that the bullish momentum may be waning. With the price now hovering around critical support zones, the next move could determine whether the uptrend regains strength or begins to lose strength.
2–618 Pattern Triggers: BTC Rejected at $78,000
At the market updateanalyst Kamile Uray has revealed that the long-awaited 2-618 pattern for Bitcoin has officially been activated. After the price approached the $78,037 level, significant selling pressure halted the upward momentum. This reaction at the local peak confirms that the market is currently reacting to technical costs, starting a corrective phase.
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The immediate outlook suggests that the current decline could extend to the $73,762 level, which serves as a critical decision point for the asset. If Bitcoin manages to maintain this floor, the possibility of renewal bullish push remains on the table.
If the price breaks below the $73,762 bottom, the next major target is $70,165, which is in line with the 0.618 Fibonacci support of the last uptrend. A successful defense of this area would likely trigger another upward move. In contrast, if bulls want to regain full control, they must achieve a close above $79,555. Such a move would establish the first higher high on the 4-hour chart from the recent decline, signaling a continuation of the macro uptrend towards the $98,000 and $107,000-$109,000 range.
In the case of a more serious return, the secondary supports were identified at $65,666, $63,823, $62,433 and $60,000. The stakes are particularly high at this lower limit; a daily close below $60,000 would be high bearish signal, potentially marking the beginning of a significant market decline.
Key Levels in Focus: Mapping Bitcoin’s Critical Zones
Highlighting key levels marked on the chart, Daan Crypto Trades emphatically that the low-price region of $80,000 remains a key zone for bulls in the short to medium term. He also noted that the $72,000 level, which previously acted as resistance for more than two months, it has now moved into a critical support zone.
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Holding the price above this level would reinforce bullish control and suggest that the market is building a solid base for further growth, providing the foundation needed for another leg higher. A bdescent again below $72,000, however, would likely mean that the momentum from the recent bounce is fading, opening the door for an even more sideways market structure. Although Bitcoin saw a steady 20% rise during April, the price may not last long as volatility is expected to appear at any time.
Featured image from Pixabay, chart from Tradingview.com
