Bitcoin, Support Line Powerlessly Collapses...Is Reclaiming $80,000 a Mirage?

▲ Bitcoin (BTC)

As Bitcoin (BTC) failed to maintain the $76,500 support line and entered a downtrend, tension is building in the market.

According to a report by cryptocurrency media outlet NewsBTC on April 29 (local time), Bitcoin's price fell below the $76,500 level after beginning a downward correction from the $78,500 resistance area. Bitcoin is currently trading below $77,000 and the 100-hour Simple Moving Average, with a short-term bearish trend line forming near the $77,200 resistance. Crypto analyst Aayush Jindal predicted, "If Bitcoin fails to clearly break above the $77,200 resistance, downward pressure will persist."

Bitcoin's price is testing short-term support near $76,200, but buying interest remains subdued. Jindal warned that if Bitcoin closes below $76,200, it could be pushed down to the next major support level of $75,500. As downward volatility increases, investors are focusing on whether the strong resistance barrier of $78,000 can be reclaimed.

Technical indicators also support Bitcoin's bearish trend. The Moving Average Convergence Divergence (MACD) has lost upward momentum in the bullish zone and has turned into a downtrend, and the Relative Strength Index (RSI) has fallen below 50, indicating that selling forces hold market dominance. Market participants anticipate that Bitcoin needs to break above $77,500 and then $78,000 in succession to secure significant rebound momentum.

As investor sentiment in the overall virtual asset market freezes, altcoins are also declining in tandem. With the slowdown in fund inflows into Bitcoin spot ETFs and added macroeconomic uncertainty, large investors are increasingly adopting a wait-and-see approach. In particular, as key support lines collapse one after another, the psychological anxiety of individual investors hoping for bargain hunting is growing.

If Bitcoin's price even gives up the $75,500 support line, a further decline to the $74,000 level appears inevitable. Currently, with the downtrend solidifying, the market is waiting for a strong catalyst to trigger a technical rebound. Investors are focusing on risk management and closely monitoring changes in macroeconomic indicators and fund flows on major exchanges.

*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.*