Key Points:
- BTCUSD fell to a low of $76,585, nearly 27% below its ATH (All-time high).
- CME (Chicago Mercantile Exchange) gap at $83,000–$90,000 eyed for potential short-term rebound.
- Market confidence tested as mid-term holder support at $83,000 breaks.
- Key support zone now between $76,500 and $78,000.
BTCUSD Extends Declines Below $80,000
BTCUSD (Bitcoin) extended recent losses, dipping to a session low of $76,585 before recovering slightly to trade around $80,213. The ongoing bearish sentiment, driven by uncertainty and weakening market confidence, has pushed BTCUSD nearly 27% below its all-time high of $109,000 reached in January.
Additionally, recent hawkish signals from the Federal Reserve, indicating potentially higher interest rates for longer, have dampened traders’ appetite for high-risk assets like Bitcoin.
CME Gap Eyed for Possible Rebound
Traders are closely monitoring the CME (Chicago Mercantile Exchange) gap between $83,000 and $90,000, which formed during recent price fluctuations. Historically, BTCUSD has a tendency to fill these gaps, hinting at potential short-term rebounds. However, broader market conditions remain uncertain amid persistent selling pressure.
Market Confidence Weakens Amid Support Breakdown
The breakdown below the significant $83,000 support level, reflecting the average purchase price of mid-term holders, indicates weakening market sentiment. Failure to quickly reclaim this threshold could prompt further selling, adding downward pressure to BTCUSD prices.
Technical Outlook
Picture: BTCUSD strengthens to 80,213.54, testing key resistance at 80,450.79 amid bullish recovery, as seen on the VT Markets app.
The moving averages (MA 5, 10, 30) show a positive crossover, suggesting a shift to upward momentum, with short-term averages crossing above the longer-term MA. The MACD (12,26,9) is also bullish, with the histogram moving positively above the zero line, signalling potential continued upward momentum.
BTCUSD’s immediate technical outlook remains bearish after losing the crucial $83,000 support. Traders should now watch the $76,500–$78,000 area closely. Sustaining above this zone could trigger a short-term recovery toward the CME gap ($83,000–$90,000). However, continued declines below $76,500 may signal deeper bearish momentum.
