Bitcoin tries to sustain its recovery amid growing market pessimism
Bitcoin is facing mounting pressure despite successfully rebounding from $75,736 to around $78,718.
These moves come amid declining trader sentiment, with the Santiment index falling to 0.51, reflecting the dominance of negative comments in discussions about Bitcoin amid political uncertainty in the United States and weak retail investor interest.
First resistance: $78,400–$78,700.
Next resistance: $79,000.
First support: $77,650.
Next support: $76,900, followed by $75,700.
On the 15-minute timeframe, the chart shows weakening bullish momentum after the latest rebound, with the price trading below the 7- and 25-period moving averages while remaining above the 99-period average. RSI indicators also point to weak short-term momentum, with selling orders outweighing buying orders.
Bitcoin is trying to hold on to its gains, but continued selling pressure could push it to retest support levels. A break above $78,700 and a sustained move above it could restore positive momentum, while a loss of $77,650 could open the door to a deeper correction.
Bitcoin is facing mounting pressure despite successfully rebounding from $75,736 to around $78,718.
These moves come amid declining trader sentiment, with the Santiment index falling to 0.51, reflecting the dominance of negative comments in discussions about Bitcoin amid political uncertainty in the United States and weak retail investor interest.
First resistance: $78,400–$78,700.
Next resistance: $79,000.
First support: $77,650.
Next support: $76,900, followed by $75,700.
On the 15-minute timeframe, the chart shows weakening bullish momentum after the latest rebound, with the price trading below the 7- and 25-period moving averages while remaining above the 99-period average. RSI indicators also point to weak short-term momentum, with selling orders outweighing buying orders.
Bitcoin is trying to hold on to its gains, but continued selling pressure could push it to retest support levels. A break above $78,700 and a sustained move above it could restore positive momentum, while a loss of $77,650 could open the door to a deeper correction.
