Is the rally over? Bitcoin falters, blocked by key resistance.

▲ Bitcoin (BTC)/ChatGPT generated image ©

After a strong rebound, Bitcoin's upward momentum is weakening as it is blocked by a key resistance zone, and it has now entered a turning point of 'hold or collapse'.

According to FXStreet, an investment media outlet, on April 30 (local time), Bitcoin (BTC) reached a key resistance zone between $77,183 and $83,842 during its recent rally, after which its upward speed slowed, entering a consolidation phase. This zone is where the 38.2% Fibonacci retracement of last October's decline and the downward gap formed in February overlap, technically forming a strong supply zone.

Initially, a technical improvement signal appeared with a breakthrough of the upper bound of the descending channel, but after entering the resistance zone, the upward momentum rapidly weakened. Currently, sell signals are also appearing in daily indicators, and the market's center of gravity is gradually shifting downwards. With the recent downtrend continuing, the short-term rebound structure is said to be on trial.

The key is the $75,343 support line. This zone is the bottom of the current consolidation phase and a turning point that determines market direction. If it breaks, two negative signals are confirmed simultaneously: one is a downside break of the consolidation zone, and the other is the previous descending channel breakthrough being proven a 'fake breakout'.

In this case, the minimum target decline zone is suggested at $71,331, and if market sentiment further deteriorates, there is a possibility that the decline range could extend to approximately $68,225, the bottom of the ascending channel. Conversely, if this support line holds, the existing rebound structure will be maintained, and further upward attempts are possible.

The media analyzed that the market is currently not just in a stage of judging whether it will rise, but rather in a phase of being tested to see if it can maintain its structure after a rise. In other words, momentum alone is not enough, and whether actual buying power can defend the support line is a key variable that will determine the future direction.

*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.*