Bitcoin, if it fails to reclaim 'here', risks falling to $69,000

▲ Bitcoin (BTC) decline/AI generated image

Bitcoin (BTC) has failed to maintain its psychological support level of $80,000 and has turned bearish, standing at a critical juncture that will determine its short-term price direction.

Crypto media outlet NewsBTC reported on April 28 (local time) that Bitcoin's price is showing a bearish trend, falling below the $80,000 support level on a weekly basis. Bitcoin failed to hold the $78,500 level by Sunday's closing price and experienced a sharp correction, dropping to around $74,500 at one point on Monday morning. Currently, Bitcoin has successfully rebounded somewhat from its low, but market analysts are wary of further volatility and are focusing on whether it can recover its support zone.

Analysts emphasized that for Bitcoin to establish a foundation for a short-term rebound, it must reclaim the $78,500 level on a daily closing basis. This price point acted as a strong support line during the previous decline and now carries a high risk of acting as a new resistance level. If Bitcoin successfully reclaims $78,500 and solidifies it as a support line, a reattempt to reach the $82,500 mark in the short term seems possible.

Conversely, if the $78,500 level firmly establishes itself as a resistance line, the price could continue its downward trend and experience further sharp declines. In this scenario, it is widely expected that Bitcoin's price could retreat to the pre-halving high range of $69,000 to $72,000. Analysts explained that if daily closes below $78,500 continue for two consecutive days, it would signify entering a technical bearish retest phase.

Currently, Bitcoin's price is trading around $79,200, showing a slight daily increase of about 1%. However, a series of bearish patterns continue, forming lower highs without breaking the overhead downtrend line, requiring investor caution. Market uncertainty is bound to persist until the pivotal price support of $78,500 is confirmed.

Bitcoin is being threatened at a five-month low of $75,000, compounded by macroeconomic volatility and market instability due to trade conflicts. As downward pressure intensifies, whale investors are maintaining a wait-and-see approach, awaiting clear market direction. The depth of this correction is expected to be a key factor in determining whether Bitcoin can sustain its long-term uptrend.

*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.*