Foreign media commentators believe that Bitcoin is testing the $72,000 to $76,000 range. This area has repeatedly switched between support and resistance over the past year, and it has once again become the focus of the market. The short-term direction largely depends on whether this area can hold.
Resistance encountered near $78,000
The article states that after Bitcoin encountered resistance around $78,000, a new low has been confirmed in the short term, indicating insufficient upward momentum. Based on this assessment, the current price structure remains weak, and the market has not yet escaped downward pressure.
$72,000 becomes a key level to watch.
The commentary states that if prices clearly break below $72,000 and subsequently fail to regain that level, the existing structure could be broken. The article argues that this scenario could lead to a weak trend lasting for weeks or even months, with the $50,000 area becoming the next level to watch.
The article considers $72,000 as the most important dividing line at present. As long as the price remains above this level, the overall structure has not been completely broken; once it is broken and confirmed, market expectations will weaken significantly.
There may be a limited recovery in the short term.
Despite the overall bearish tone, the article also mentions that an unconfirmed bullish divergence signal is forming in the short term, meaning that while the price continues to decline, the RSI lows are rising. For this signal to hold, Bitcoin needs to hold above $73,500 and rebound within the next 24 to 48 hours.
- $73,500 to $74,000: Short-term support zone
- $70,800 to $71,300: The next key support level
- $78,000: Key resistance level
However, the article emphasizes that even if a short-term rebound occurs, its magnitude may be limited, and it is more likely to manifest as a brief period of sideways movement or a slight increase, rather than a trend reversal. Based on this assessment, the market will likely continue to fluctuate around the $72,000 level.
