Bitcoin retreats from the $80,000 threshold... "Could fall to $70,000"

▲ Bitcoin (BTC)

Bitcoin (BTC) has fallen below the $77,000 mark, encountering strong resistance just shy of reclaiming $80,000. A fierce battle is underway between buyers attempting to enter a new macroeconomic bull market and sellers looking to realize profits.

According to crypto media outlet Cointelegraph on April 28 (local time), Bitcoin recently dropped to the $76,800 level, sparking anxiety among investors. This is the result of its inability to withstand selling pressure despite an offensive to break through the strong psychological resistance of $80,000. Market experts are engaged in a tense debate over whether this decline is a temporary correction within a long-term bullish trend or the prelude to a new bear market.

Technical indicators clearly show the market's mixed sentiment. The Relative Strength Index (RSI) has fallen near the 50-line, suggesting that the overheated phase has subsided, but the possibility of further declines remains open. The Moving Average Convergence Divergence (MACD) also indicates that bearish forces have the upper hand in the short term. The size of open interest in the futures market remains high, so the risk of large-scale forced liquidations cannot be ruled out if price volatility increases.

Buyers are currently making a stand around the $75,000 mark. This point is a key support level that Bitcoin established during its previous rally. If $75,000 collapses, the price could sharply drop to the $72,000 level. Conversely, if it reclaims and stabilizes above $78,000, it will set the stage for another attempt at $80,000. Bitcoin is currently struggling to find a new price formation zone.

Uncertainty in the macroeconomic environment is also a factor weighing on the price. Inflation figures remaining higher than expected have heightened vigilance regarding the Federal Reserve's monetary policy. As concerns about liquidity contraction grow, the inflow of funds into Bitcoin spot ETFs also appears to be slowing compared to before. Investors are watching for the recovery of the $77,000 level and awaiting key economic indicators to be released this week.

Bitcoin needs to attract dip-buying to achieve the significant goal of a macroeconomic bullish reversal. A breakdown of $77,000 would be threatening for short-term investors but could be an accumulation opportunity for long-term holders. The market is consolidating energy to find the next breakthrough after price stabilization. The depth of this correction is expected to be a key determinant of Bitcoin's future price trajectory.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*